>

Trade Free Zones are not operated by the CBP. They're special economic zones that private industry can lease. They sign lots of contracts promising not to let stuff leave the area without reporting it to the CBP, but it's effectively the CPB allowing for privatized storage facilities with minimal supervision. 
This CPB website has some more information. It's kind of fascinating the dance they do to make loopholes for the ultra wealthy who want to keep things secret.
Don't tell me that auction houses are just an elaborate way for rich people to launder their money!  /s >

What? Paintings are totally worth millions and millions and belong hidden away from the public. /s >

A banana duct taped to a wall is definitely worth $125,000 >

It's one banana Michael. >

How much could it be? >

What I'm interested in is how many billions of dollars of goods owned by Russian Oligarchs are being stored in commercial warehouses in Foreign Trade Zones. 
It's common for wealthy billionaires to ship art and antiquities to the US but keep them in those FTZ warehouses. The US Customs authority allows those companies to offer secure warehouses there that aren't technically considered US territory, so the owners don't have to pay import taxes. 
But that shouldn't prevent those things from being seized if they are associated with people on the trade exclusion lists. >

It also doesn't allow actual consumption of those assets which is why they don't pay import tax. The minute it leaves the warehouse to be used on the street it's an import. >

Nah, if you're wealthy enough, your warehouse space can be set up to look like an art gallery and you can bring people to show off your collection... 
But for many of the people, it's just a way of avoiding taxes and accumulating wealth... Or keeping the eyes of Customs off of things that are stolen. >

Genuinely this comment doesn’t make sense to me. CBP are the ones providing the surveillance and armed security. There’s no “one free art salesy, as a treat”
CBP does not want to get caught with their hand in the cookie jar protecting stolen goods >

Trade Free Zones are not operated by the CBP. They're special economic zones that private industry can lease. They sign lots of contracts promising not to let stuff leave the area without reporting it to the CBP, but it's effectively the CPB allowing for privatized storage facilities with minimal supervision. 
This CPB website has some more information. It's kind of fascinating the dance they do to make loopholes for the ultra wealthy who want to keep things secret. >

They’re not operated by them, but their boundary is monitored by them so I’m confused as to how they would trivially have major revenue activities under CBP’s nose. >

Art and antiques are for moving/hiding money. TSA can’t tell whether you have a $50 million Rothko or a dirty canvas. >

Just put a phony price tag on the top of it for $14.99 and no one will ever think it's worth anything. >

Note the small scope of the investigation. >

That’s because America doesn’t have oligarchs, our wealthy are just incredibly smart business people. 
/s >

Ha, ironically the article had ads for an art auction riddled throughout it.
Algorithms, sometimes they make the wrong advertising choice >

Which art?  Just deceased masters with works over $1m?  A $200k painting from a living artist?  A $400 painting at a cofffee shop? >

An artist of the month who for some reason is selling art for 500k. >

Wouldnt that accurately describe NFTs? >

Yeah NFTs were basically that on a larger scale. >

Do rich people ever go to jail for crimes like this? >

Don't be silly, jail is for poor people.
I want to say /s but it's actually true. 🫠 >

UK action houses were ecstatic at the news. >

What did I say about buying and selling Russian oligarchs? That's right I said they're people and that's human trafficking. They're not baseball cards Louis! >

But I really needed Dimitri for my 80s KGB set ! >

Color me not surprised >

Don't tell me that auction houses are just an elaborate way for rich people to launder their money!  /s >

What? Paintings are totally worth millions and millions and belong hidden away from the public. /s >

A banana duct taped to a wall is definitely worth $125,000 >

It's one banana Michael. >

How much could it be? >

What I'm interested in is how many billions of dollars of goods owned by Russian Oligarchs are being stored in commercial warehouses in Foreign Trade Zones. 
It's common for wealthy billionaires to ship art and antiquities to the US but keep them in those FTZ warehouses. The US Customs authority allows those companies to offer secure warehouses there that aren't technically considered US territory, so the owners don't have to pay import taxes. 
But that shouldn't prevent those things from being seized if they are associated with people on the trade exclusion lists. >

It also doesn't allow actual consumption of those assets which is why they don't pay import tax. The minute it leaves the warehouse to be used on the street it's an import. >

Nah, if you're wealthy enough, your warehouse space can be set up to look like an art gallery and you can bring people to show off your collection... 
But for many of the people, it's just a way of avoiding taxes and accumulating wealth... Or keeping the eyes of Customs off of things that are stolen. >

Genuinely this comment doesn’t make sense to me. CBP are the ones providing the surveillance and armed security. There’s no “one free art salesy, as a treat”
CBP does not want to get caught with their hand in the cookie jar protecting stolen goods