News
Print Article

The international art market and money laundering

16/01/2020
The international art market is capable of laundering massive sums of illicit funds throughout the world.
 
Effective January 10th 2020 is new legislation for the United Kingdom and the European Union that governs anti-money laundering regulations within the market for art and antiquities. New and existing clients must produce identification when purchasing works of art above €10,000.
 
Galleries will require a compliance program to ensure all reasonable measures have been taken to prevent payment by illegally obtained funds.
 
The provenance of the funds involved will become just as important as the provenance of the artwork.
 
Are such measures necessary? Seasoned financial intelligence professionals will answer with a resounding “Yes”.
 
For the professional money launderer, the international art market offers an extensive palette of transactions, geographies, players and industry conventions for placement, layering and integration.
 
The professional money launderer will exploit the following characteristics of the international art market:
 

 

To read original article please click here

General

The Team

Meet the team of industry experts behind Comsure

Find out more

Latest News

Keep up to date with the very latest news from Comsure

Find out more

Gallery

View our latest imagery from our news and work

Find out more

Contact

Think we can help you and your business? Chat to us today

Get In Touch

News Disclaimer

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.