The Treasury conducted a study on how the Art Market and those who transact within it are most at risk to be involved with money laundering.
ASV Gallery Event
Join us at upcoming events to learn the latest about Anti-Money-Laundering regulations, strategies for compliance and transactions. Missed an event? Get our tips and resources from events you may have missed.
Lawyers, Accountants and Anti-Money Laundering Due Diligence
While the road to passage for the ENABLERS Act may face obstacles along the way, what is clear is that it is not a matter if these types of regulations will come into force, but when.
US Art Dealers Must Register to Transact in UK
British Art Market Federation Confirms U.S-based art dealers must register with the HMRC prior to transacting in the UK, and other updates.
Risky-Businesses May Be Covered Under the US Bank Secrecy Act
The ENABLERS Act, approved by the US House of Representatives and set to pass as a part of the annual defense budget, expressly requires certain professionals to comply with Anti-Money Laundering regulations.
HMRC requires non-UK galleries to comply with all AML mandates and register for VAT
The HMRC has indicated that they may be conducting compliance checks at upcoming fairs or via written communications with participating art market professionals that fall under the regulations.
Recent Incidents of Money Laundering in the Art World
The opaque nature of the world art market has made it an attractive and effective mechanism for masking criminal activity.
UK/EU AML Regulations Apply to US-based Fine Art Dealers
As a US-based art industry professional, buying or selling a work of art in the UK or the EU, you are required to comply with the local law. If you don’t you may be barred from such transactions in the future.