Oct 7, 2021 | Guidance, Legislation and Policy, Industry consultations + reports, News, UK
In July 2021, HM Treasury published two consultations that invite input from art market stakeholders. The following areas are covered: ‘Digital art’ being included in the definition of ‘work of art’ in context of the Money Laundering...
Sep 16, 2021 | Guidance, Legislation and Policy
In June 2021, HMRC published risk guidance for the UK art market. Amongst other points, they outlined what is – and importantly isn’t, intended by relying on other Art Market Participants (AMPs) in transactions. Attaining this understanding is vital to...
Sep 16, 2021 | Guidance, Legislation and Policy
HMRC as the UK’s regulator for money laundering has published risk guidance. The findings are the result of getting to know specific situations faced by the industry. The publication presents two tables that show: > Risks common to all Art Market...
Aug 18, 2021 | Guidance, Legislation and Policy
There are many individuals dealing in art who don’t yet realise that they’re Art Market Participants (“AMPs”) according to the Money Laundering Regulations (UK). Some surprising yet frequent examples include:- Interior designers- Art advisors / consultants whose...
Jul 2, 2021 | Guidance, Legislation and Policy
Many Art Market Participants are being asked to register people in the business they didn’t know were subject to the regulations. This screenshot from an Art Market Participant registration page on gov.uk provides important insight (see more tips below): What...
May 27, 2021 | Guidance, Legislation and Policy, News, Press, UK
In June 2019, ArtAML Co-Founders Susan J Mumford and Dr. Chris King participated in the HM Treasury Consultation for the Transposition of the 5th Money Laundering Directive into UK law. In the official response, they asked for clarity about the situation for artists....
