HMRC IDENTIFIES AML RISKS FACING THE ART MARKET

On 28 July, an article from Out-Law says that new guidance issued by HMRC emphasises the increased focus of law enforcement agencies to disrupt the use of the art market as a vehicle for money laundering.  It is said that the global art market is valued at more than £50 billion, with an estimated £2.3 billion of this per year linked to financial crime.  The extended deadline for registering as an art market participant (AMP) with HMRC expired on 10 June.

https://www.pinsentmasons.com/out-law/news/hmrc-identifies-aml-risks-facing-the-art-market

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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

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