NEWYou can now listen to Fox News articles!
The White House is warning that the art world is fertile ground for money laundering and other financial crimes as the president’s son, Hunter Biden, is raising eyebrows by selling paintings for up to half a million dollars — despite lacking any formal art experience.
The Biden administration released on Monday a national strategy to counter corruption, which it noted is the first of its kind.
The White House document touches on the corruption-rife art world, noting that the “markets for art and antiquities — and the market participants who facilitate transactions — are especially vulnerable to a range of financial crimes.”
Hunter Biden, the son of President Biden, attends his father’s inauguration as 46th president on Jan. 20, 2021, at the U.S Capitol in Washington, D.C. (JONATHAN ERNST/POOL/AFP via Getty Images)
“Built-in opacity, lack of stable and predictable pricing, and inherent cross-border transportability of goods sold, make the market optimal for illicit value transfer, sanctions evasion, and corruption,” the strategy reads.
The White House’s acknowledgement of money laundering in art world comes as the administration has taken criticism from ethics experts over the art sales involving the younger Biden’s work.
Carrying price tags between $75,000 and $500,000, scrutiny has plagued Biden’s first foray into the art world particularly due to his lack of formal art experience.
The White House has long stated that it has an ethics plan in place for the president’s son to ensure that he is kept in the dark on who is buying his art.
Then-Democratic presidential nominee Joe Biden and his son Hunter celebrate onstage at his election night rally. Hunter has faced scrutiny for selling high-priced art despite no formal art experience. (REUTERS/Jim Bourg)
That plan appears to largely have been in name only, as Biden has appeared at his art shows where potential buyers lurked.
The White House did not immediately return Fox News’ request for comment.