European Parliament Moves To Do Away With ‘Freeport’ Facilities For Art Trans-Shipment And Storage

Freeports were created as duty-free facilities for temporary storage of art and valuables in transit. But with the EU having eliminated banking secrecy, art has become an asset class — and a vehicle for tax evasion and money laundering. So the number of freeports in Europe has mushroomed, with tax evaders and money launderers storing assets there long-term and in secrecy. – The Art Newspaper

Article source here:Arts Journal