A briefing from PraxisIFM says that while art market participants (AMP) have been subject to general proceeds of crime regulations for many years the latest EU Directive, which was incorporated into UK domestic law and came into force on 10 January 2020, introduces formal AML processes for AMP. It includes the requirement for registration with HMRC, putting AMP in a similar position to financial services businesses. The briefing note provides some guidance on the new regulations, and the full guidance notes issued by the British Art Market Federation and approved by HMRC can be found online.
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