Wednesday, January 28, 2015

Davos 2015: Nouriel Roubini targets Art Market for criticism

Regulation is needed in the global art market because it is vulnerable to money laundering, tax evasion, trading on inside information and price manipulation, according to one of the world's most respected economists.
Professor Nouriel Roubini, an economist at New York University's Stern School and himself an art collector, said the market had to regulate itself or be subjected to external regulation because it had weaknesses that would not be allowed in other kinds of financial markets, such as equities.
"Whether we like it or not, art is used for tax avoidance and evasion," Prof Roubini said. "It can be used for money laundering. You can buy something for half a million, not show a passport, and ship it. Plenty of people are using it for laundering."
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Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics
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