Connoisseurs and collectors may not view fine artwork as commodities but that is frequently how they are perceived by illegitimate investors and businesses. Items can be bought with cash, readily transported and the proceeds of a sale can then enter the banking system, so appearing legitimate.

Lack of provenance in the art world is not uncommon and artwork can change hands behind the closed doors of freeports. In 2017, investigations by the Wall Street Journal revealed how ISIS was transforming cultural antiquities into hard cash through a circuitous route through middlemen and shady deals. In the end the paper found that the president of the retail giant Hobby Lobby was unknowingly purchasing Iraqi artifacts for the Museum of the Bible.  In addition, values of contemporary abstract art can be manipulated to suit the funds in need of laundering.

The drafting of the EU’s Fifth Money Laundering Directive (5MLD) into UK legislation extends responsibilities beyond currently regulated high-value payments in cash, to include any form of transaction over €10,000.