Saudi Press

Saudi Arabia and the world
Saturday, Aug 23, 2025

Art Has a Money Laundering Problem. NFTs Could Make It Worse

Art Has a Money Laundering Problem. NFTs Could Make It Worse

Non-fungible tokens (NFTs), blockchain-based title deeds tied to digital or physical items, have exploded into the art world like an upstart rebel fresh out of art school, tearing up conventions and leaving the establishment bewildered.
In recent months, multi-million dollar sales of NFTs at venerable auction houses Christie’s and Sotheby’s have grabbed headlines. Overnight, digital artist Beeple became a household name and one of the highest-earning living artists. Artworks by Banksy are being torn up and turned into NFTs, while Russia’s iconic State Hermitage Museum has announced an exhibition of NFT art.

Art critics have scrambled to form opinions on this new wave of digital artists. And the world’s highest-valued living painter, David Hockney, spoke for many in the art establishment when he dismissed NFTs as being for “crooks and swindlers.”

He may have a point—but if NFTs are the preserve of crooks, they’re only amplifying an existing problem in the art world, which has long been criticized for facilitating money laundering. Indeed, last year the U.S. Senate released a 147-page report focusing on the connections between high-end art and money laundering.

In 2018, the IMF estimated that the legitimate art market was worth around $68 billion. At the time, the UN claimed the illicit art market was worth roughly $6 billion. And according to Jordan Arnold, chief innovation officer and global chair of private client services at risk and compliance firm K2 Integrity, the problem is likely to get worse as new art mediums such as NFTs emerge.

“As the global economy has grown and nefarious actors find both new art mediums and new ways to circumvent safeguards, it is likely the number—whatever it actually is—has only grown,” Arnold told Decrypt.

Cat Graffam, an adjunct faculty member in the Art & Design department at Lasell University, agrees. “I think it is possible that NFTs could be and are already being used to launder money in similar ways done with physical art,” she said, adding that NFTs offer some advantages to criminals over conventional physical artworks. “It could possibly be even easier to move dirty funds around, because it is tied to a decentralized currency and the fact that there are no physical artworks to have to transport or store in off-shore tax haven warehouses.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×