HMRC in the UK has issued additional guidance to help the art market understand the AML risks it faces and how to address them. There is much to consider in the new guidance, but here is just one titbit:
Before one regulated Art Market Participant (AMP-1) transacts with a fellow Art Market Participant (AMP-2), AMP-1 should check the HMRC Register to see if AMP-2 is registered, and if not, they should not continue with the transaction and should consider filing a Suspicious Activity Report. More thoughts to come on this and other points, in the coming days. Here is the link: ‘Understanding Risks and Taking Action for art market participant businesses’
Thank you to Ivan Macquisten for his Corinth Consulting shout out in his article in Artnet News Pro on the art market’s vulnerability to Cybercrime and the importance of having a strong compliance culture. https://news.artnet.com/news-pro/art-businesses-cybercrime-experts-1972719 , May 25, 2021
On April 14th, 2021 the Society of Fine Art Auctioneers and Valuers hosted Corinth Consulting.
Represented by Rena Neville and Paula Trommel, along with SoFAA Committee member and art law consultant Tom Christopherson for a live Q&A session exclusively for SoFAA members that was entitled AML and HMRC: Are you Really Prepared? The discussion focused on the practical meaning and application of the UK AML regime.
Whatever the art trade may think, as far as the UK Government is concerned, the art market is “high risk” for money laundering.
The Art Basel UBS 2021 Art Market Report is now available and includes an article by Rena Neville entitled: The Anti-Money Laundering Difference: Knowing the Ultimate Customer. The article addresses the initial impact on the art market of the EU’s 5th Money Laundering Directive, particularly in the UK. Find it on pages 44-47, https://www.artbasel.com/about/initiatives/the-art-market
Artnet New, Naomi Rea, March 9, 2021
Rena Neville, Sotheby’s founding global compliance director, and the founder of Corinth Consulting, says that businesses can ask for additional assurances…..
Rena Neville participated in a panel entitled the ‘Anti-Money Laundering and Sanctions Compliance for the Art Market – Emerging Trends and Challenges’ hosted by the District of Columbia, International Bar Committee on Wednesday, February 24 , 2021.
This panel discussed recent developments in economic sanctions and anti-money laundering laws and regulations in the US and U.K in relation to the art industry and highlighted the key implementation challenges. Register here
Fine Art and High Finance: Expert Advice on the Economics of Ownership, contributing author, Bloomberg Press, 2010, edited by Clare McAndrew, available on https://www.amazon.com
International Movement of Cultural Property, Chapter 6 of Art Law Handbook, published by Aspen Law & Business, editor Roy S. Kaufman (2000) available on https://www.amazon.com
Current: David Rattray Memorial Trust, UK, Trustee 2020 Global Advisory Board, Denison University, 2020 Former: as the Sotheby’s Representative on Art Law Committee of the New York City Bar Association, Committee member Art Loss Register, Board member British Art Market Federation, Sotheby’s Representative
Corinth provides staff training taking into consideration each Client’s unique business and risks. Given their heightened responsibility and exposure under the AML laws, Corinth provides training tailored to each of senior management and the Money Laundering Reporting Officer. Corinth will organise and lead AML…