We frequently hear art market participants ask if money laundering is really an issue for the industry. While it’s still early days for the implementation of the 5th Money Laundering Directive that required member states (at the time including the UK) to bring in...
Following the announcement that UK Art Market Participants have been given until 10th June 2021 to register with HMRC, what can you do to get ready? See tips below from the ArtAML Team. Be sure to note that the legislation is in force. To get support with secure and...
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...
