In order to carry out activities as an Art Market Participant in the UK, you need to register with HMRC. This is akin to an application process, as it is possible to be rejected. This has been experienced by some Art Market Participants we know who didn’t have...
In late Spring 2019, HM Treasury, as the UK governmental authority tasked with drafting legislation to implement the EU’s Fifth Money Laundering Directive with a deadline of 10th January 2020, conducted a Consultation on the transposition of the Directive into...
The Guidance that has been published to instruct Art Market Participants (AMPs) for understanding and complying with the new anti-money laundering legislation is sizeable at 111 pages in total. We were informed at one of our regular meetings with HMRC, as Supervisory...
The UK Money Laundering and Terrorist Financing Regulations 2019 took effect on 10th January 2020 which introduced ‘Art Market Participants’ (“AMPs”) as a new obliged entity. Does your business need to comply?The definition of AMPs...
The amendments to UK legislation implementing the 5th Anti-Money Laundering Directive were passed in UK Parliament on 20th December 2019 and took effect on 10th January 2020. At the time of writing, the official guidance[1] is yet to be published and clarity on how to...
On 8th January 2020, two days prior to the implementation of anti-money laundering legislation hitting the UK art market, HMRC as supervisory body of ‘Art Market Participants’ ran an informative HMRC. We found the Q+A equally informative, so be sure to...
