UK Art Dealer Admitted to Illegally Selling Artworks to Alleged Hezbollah Monetary Supporter
London Art Dealer Admits Selling Artworks to Sanctioned Individual
A London-based art dealer, Oghenochuko Ojiri, has confessed to selling artworks to an individual sanctioned by the US government since 2019 for financing Hezbollah, the Lebanese militant group.
Ojiri pleaded guilty before a London court on Tuesday to eight charges of failing to disclose potential terrorist financing, which were filed under section 21A of the Terrorism Act 2000. These charges were brought forward by the Metropolitan Police in May of this year, making Ojiri the first person to be charged with an offense under this specific section.
The charges against Ojiri stemmed from an investigation into terrorist financing led by the National Terrorist Financial Investigation Unit (NTFIU), in collaboration with the Office of Financial Sanctions Implementation (OFSI) from His Majesty's Treasury, HM Revenue & Customs (the art market regulator), and the Met's Arts & Antiques Unit.
In court, Prosecutor Lyndon Harris disclosed that Ojiri had sold several artworks to a suspect, Nazem Ahmad, despite being aware of Ahmad's suspected terrorism financing activities, as revealed by US and British sanctions. Further, Ojiri directly negotiated with Ahmad, and they exchanged congratulations over the completed sales, which were transported to Dubai, the United Arab Emirates, and Beirut.
Reportedly, Ojiri filled out paperwork related to art sales for Ahmad in the names of other individuals at Ahmad's associates' suggestion, with the aim of concealing the true owner of the artwork.
Ahmad was charged by federal prosecutors with nine counts in 2023 for violating and evading US sanctions through $440 million worth of art and diamond imports and exports. Several family members and eight others were also implicated in the case.
The eight charges leveled against Ojiri relate to a period from October 2020 to December 2021, with the value of the artworks that Ojiri sold to Ahmad amounting to approximately £140,000 ($186,000) during the same period.
This case underscores a growing emphasis on art dealers' roles in the regulated sector under UK law, necessitating stringent compliance measures to ensure adherence to anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. Failure to comply can result in criminal charges, as demonstrated by Ojiri's case, which marks the first of its kind targeting art dealers.
The Old Bailey will sentence Ojiri following his guilty plea, highlighting an intensified crackdown on terrorism financing through the art market.
- The London-based art dealer, Oghenochuko Ojiri, who admitted selling artworks to a sanctioned individual, faces sentencing at the Old Bailey, signifying a strengthened crackdown on terrorism financing in the art market.
- Ojiri's guilty plea comes amidst a growing emphasis on art dealers' roles in the regulated sector under UK law, emphasizing the need for stringent compliance measures to adhere to anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.
- In a case that underscores the importance of policy-and-legislation in the art world, Ojiri sold several artworks to Nazem Ahmad while aware of Ahmad's suspected terrorism financing activities, as revealed by US and British sanctions.
- The art gallery industry, like other sectors, is not immune to the influence of politics, as demonstrated by this scandal involving a London art dealer violating general-news worthy sanctions and engaging in criminal activities related to crime-and-justice, such as terrorism financing.
