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...
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...
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....
May 17, 2021 | Guidance, Legislation and Policy, UK
One of the art market’s greatest concerns about anti-money laundering (AML) regulations is the potential loss of confidentiality surrounding clients. The obligation to reveal the identity of the buyer (ultimate beneficial owner or UBO in AML jargon) to another dealer...
Mar 19, 2021 | News, Press, UK
In recent weeks it has come to light that some art businesses may have misunderstood, and unknowingly be breaking, a key part of the latest anti-money laundering regulations. We were therefore more than happy to oblige when we were asked to contribute to artnet news’...
Sep 2, 2020 | Guidance, Legislation and Policy, UK
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...
