A briefing from Cohen & Gresser (UK) LLP on 7 February addressed this question, as the 5th EU AML Directive is implemented in the UK, and saying that individuals and firms within the art market need to put in place appropriate procedures to guard against the facilitation of money laundering.  Previously, had AML/CTF obligations only if they were classed as a “high value dealer” – essentially someone who trades in goods and makes or receives a payment of more than €10,000 in cash.  New 2019 Regulations now impose obligations on them when acting in any transaction whose value exceeds €10,000, and not only in cash.  It says that guidance on implementing the 2019 Regulations is expected imminently from both HMRC and the British Art Market Federation but, in the meantime the firm provides a checklist which sets out some of the areas that one should consider when enhancing/designing systems and controls.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s