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Anti-Money Laundering

The honeymoon is over for the art market and HMRC

Since January 2020, the art market in the UK has enjoyed a honeymoon of sorts with Her Majesty’s Revenue & Customs (HMRC), the UK art market’s anti-money laundering (AML) supervisory authority.  Since this regulator-regulatee relationship began, HMRC  has been a patient and kind partner. However, as with most relationships, this one is evolving past the honeymoon phase.

Read More »The honeymoon is over for the art market and HMRC
Pieter Bruegel the Elder, The (Great) Tower of Babel (c. 1563), oil on wood panel

Inconsistency abounds in how “art” is defined in national anti-money laundering regulations

As if ensuring compliance with money laundering regulations, though essential, was not a sufficiently complex logistical burden on the art market (see our blog on combining both tech and human AML skills to achieve compliance), the lack of consistency around the most basic question: “what is a work of art?” leaves the art market experiencing its own form of “Tower of Babel”.

Read More »Inconsistency abounds in how “art” is defined in national anti-money laundering regulations
money-laundering

New Anti-Money Laundering Regulations Target the Art Market

Anti-money laundering laws in the UK are largely outlined in the Money Laundering Regulations 2017 (“Regulations 2017”)[1].  The Regulations 2017, which came into force on 26 June 2017, implemented the EU’s Fourth Anti-Money Laundering Directive (“4AMLD”).  4AMLD aligned EU money laundering laws with international standards, harmonised those laws across the EU and embraced a risk-based approach to respond to the threat of money laundering.

Read More »New Anti-Money Laundering Regulations Target the Art Market
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