WHAT ART MARKET PARTICIPANTS NEED TO KNOW ABOUT CHANGES TO AML REGULATIONS

On 26 October, an article from Mishcon de Reya says that a 5-month extension has been granted to the time period that newly regulated art market participants have to register with HMRC for AML purposes – the deadline for registration is now 10 June 2021, instead of 10 January.  If they fails to register by 10 June, they must not carry on the defined activities within the scope of the regulations.  The new regulations will affect many working directly within the art market, such as high value dealers and auction houses, and potentially other parties such as agents, intermediaries and some artists.

https://www.mishcon.com/news/art-market-participants-what-you-need-to-know-about-changes-to-anti-money-laundering-regulations

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

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:

WordPress.com Logo

You are commenting using your WordPress.com 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