Wealthy Chinese with ill-gotten cash have found a high-class way to launder it: Bypassing Beijing’s strict capital controls, they’re buying expensive art and moving money out of the country that way…
Previously, the common ploy involved laundering money through casinos in Macau or creating fake trade invoices, but the en vogue way now is buying paintings, sculptures and calligraphy pieces, then selling them for a hefty price outside China. The profits, in foreign currencies and clean, are then pocketed. Alternatively, someone can purchase a piece of art from abroad for an inflated price, and then transfer the cash into an offshore bank account.
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