In an anonymized case, the NCA revealed an investigation into a sanctioned Hezbollah-linked financier that uncovered a million pounds in fine artwork stored in the U.K. Despite the art shipping company ceasing contact for over a year, authorities remained uninformed.
Oligarchs Art Facilities Exploiting : Exploitation of Art World Ties
Another case highlighted an individual with longstanding ties to the art world exploiting a close relationship with a shipping company, which provided long-term storage for illegally removed or fake cultural properties.
Government Response and Trade Sanctions Office
This cautionary advice comes on the heels of the government’s sanctions against 29 individuals and entities tied to Russia’s gold and oil industries in November. Simultaneously, the NCA warned about deliberate attempts to launder Russian gold and sell it worldwide.
The government has responded with the creation of The Office for Trade Sanctions Implementation, set to launch in 2024, supported by HM Revenue and Customs. This agency will collaborate with the Office of Financial Sanctions Implementation, investigating, issuing fines, and referring cases to HMRC for criminal enforcement.
