Oct 7, 2021 | Industry consultations, 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...
Oct 5, 2021 | News, Opinion, UK
Paula Trommel, deputy director of Corinth Consulting, directs a warning to overseas galleries and art advisors as activity in the London art market ramps up – via The Art Newspaper. As the industry attempts to resume to its pre-pandemic glory with the return of...
Sep 16, 2021 | Guidance, Knowledge Base, UK
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, Knowledge Base, UK
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...
Sep 15, 2021 | Guidance, Knowledge Base, UK
If you were thinking that reading AML guidance was enough to satisfy the requirement to have training, think again. Continuing to trade at the level of 10,000+ Euros as an Art Market Participant carries serious responsibility in the modern marketplace. Let’s...
Aug 18, 2021 | Guidance, Knowledge Base, UK
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...
