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The UK Money Laundering Regulations 2017: key changes and impact for art businesses

Introduction The UK Money Laundering Regulations 2017 (“Regulations 2017”) which implement the EU’s Fourth Money Laundering Directive (“4MLD”) came into force on 26 June 2017, repealing the Money Laundering Regulations 2007 (“Regulations 2007”). The 4MLD seeks to give effect to the international standards for combating money laundering and terrorist financing developed by the Financial Action…Continue reading The UK Money Laundering Regulations 2017: key changes and impact for art businesses

The Regulation of the Art Trade for Anti-Money Laundering in the EU

Certain types of businesses fall within the regulated sector for EU anti-money laundering, such as banks, wider financial institutions, law firms, accountancy businesses and estate agents.  Luckily for the British art market, the British government has not invited auction houses and art/antique dealers to join the club.  Auction houses and art/antique dealers in other EU…Continue reading The Regulation of the Art Trade for Anti-Money Laundering in the EU