UK ART DEALERS ARE EXPLOITING A LOOPHOLE TO AVOID NEW MONEY LAUNDERING REGULATIONS

On 9 March, Artnet reported that the UK art market has been subject to stringent new regulations since an EU AML Directive came into force in January 2020 – but experts say that some art businesses may have misunderstood a key part of the regulations, and could be unwittingly breaking them, as rules allow for a business to rely on CDD checks carried out by someone else.

https://news.artnet.com/art-world/uk-aml-reliance-1950213

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, 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

%d bloggers like this: