ANALYSIS ON THE USE OF NON-FUNGIBLE TOKENS (NFTs) FOR MONEY LAUNDERING PURPOSES IN THE ART MARKET

  • ROMULO RHEMO PALITOT BRAGA Federal University of Paraíba (UFPB)
  • RICARDO HENRIQUE LOMBARDI MAGALHÃES Federal University of Paraíba (UFPB)
Keywords: Non-Fungible Tokens, Blockchain, Blanqueo de Capitales, Bienes Digitales, Mercado del Arte

Abstract

The use of crypto assets for money laundering crime become a recurrent concern in recent years. On this way, the emergence of Non-Fungible Tokens, specially for registering and commerce of digital art using the blockchain is an arising concern. The search´s objective is to comprehend if the NFT use at artistic market could make the practice of money laundering easier, and how criminal agents could practice this crime using this tool as an ballast for the authenticity of digital art, and adapt this tool to the same crime with traditional art, through an explanatory research. The hypothetical-deductive method is used, testing the hypothesis that the use of NFTs facilitates the practice of money laundering in the art market, through the bibliographic technical procedure. In the end, it was concluded that the artistic market supported by NFTs can facilitate the criminal practice under analysis, and the hypothesis was proven in all tests. Furthermore, it was comprehended how criminal agents can emphasize the use of such a tool, especially in the second and third phases of the laundering crime.

Author Biographies

ROMULO RHEMO PALITOT BRAGA, Federal University of Paraíba (UFPB)

PhD in Criminal Law from the Universitat de València- Spain; Permanent Professor of the Graduate Program in Legal Sciences at UFPB – PPGCJ-UFPB, and of the Program in Law and Development at the University Center of João Pessoa - PPGD/UNIPÊ; Attorney; President of the National Association of Criminal Advocacy - ANACRIM-PB, and Attorney of the Superior Court of Sports Justice - STJD, of the Brazilian Automobile Confederation - CBA

RICARDO HENRIQUE LOMBARDI MAGALHÃES, Federal University of Paraíba (UFPB)

Advogado graduado pelo Centro de Ciências Jurídicas (CCJ) da Universidade Federal da Paraíba (UFPB). Especialista em Direito Digital e Compliance pelo Instituto Damásio

Published
2022-12-16
Issue
Vol. 13 No. 1 (2022): Human Rights, History and their Confluences: Dilemmas, actions and possibilities
Section
Article in Interface