Last year HMRC revamped and improved its ‘perimeter policing’ process which is used to identify AML-regulated businesses that are trading while unregistered for anti-money laundering supervision. As of the new financial year on 6 April 2022, art market participants (AMPs) that are found to be trading without registration, or late to register, may be fined or prevented from further trading…
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Last Year’s Legislative U-Turn Is Gradually Eroding UK Art Market Secrecy
In the circus year that was 2020, the UK took front and center on the world stage. This act was one of balance – involving a tightrope Brexit transition while firming the sudden blow of Covid-related business closures. But the final surprise that would serve as a pre-warning to our fellow international onlookers [coughs: U.S.] was the rather creeping realisation that the art market, as we know it – shrouded in secrecy and money laundering accusations – is becoming more regulated and even more curtailed when it comes to what knowledge can stay highly confidential. Up until 10 January 2020,…
