Originally published by Hunters and accessible here. As of today, 10 January 2020, “art market participants” (including dealers, galleries, agents and auctioneers) are now part of the “regulated” sector for anti-money laundering purposes under The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, which were laid before Parliament on 20th December 2019. Members of the art trade that carry out transactions or series of linked transactions involving works of art amounting to EUR 10,000 or more, must now conduct ongoing risk-based due diligence on the clients involved in those transactions. The definition of works of art is in line with current VAT legislation and excludes antique furniture and some decorative objects. Please see our previous article “AML for the art trade: how not to go to jail under the 5th Directive” for a more in-depth discussion of due diligence. HMRC is the supervising body responsible for overseeing art market participants, keeping a […]