European Union law

The anti-money laundering guidance for Art Market Participants (AMPs) has finally been published.

The art market must now comply with the latest anti-money laundering law – despite a lack of clarity around some elements of the regulation.

The ‘works of art’ covered by revised anti-money laundering legislation coming into effect in the UK this week exclude key collecting areas, after successful lobbying by art market trade bodies.

A lawyer acting for a group challenging the Ivory Act has said the Conservatives’ win of a House of Commons majority in last week’s general election will have no bearing on the outcome of a Court of Appeal hearing in the New Year.

A draft bill recommending further reform to the French auction system has passed through the Senate in Paris.

“No reputable dealer wants to see elephants dead” was among the opening remarks by the QC acting for a group of dealers and collectors challenging the Ivory Act 2018, at the High Court today.

A change to EU law, requiring auction houses, dealers and agents in art and antiques to carry out checks on transactions and customers, will come into force in January 2020 – regardless of Brexit.

Held at Church House Conference Centre in Westminster, the 2019 Art Business Conference took place yesterday just a stones throw from parliament where politicians were discussing a bill ruling out a no-deal Brexit.

Art shippers have welcomed European Union laws that create a grace period for UK hauliers until the end of 2019.

Members of the European Parliament on a special committee for financial crime and tax evasion have warned of the art market potentially being used as “a suitable vehicle for illegal activity”, according to a report.

Members of the trade federation Conseil National du Marché de l’Art (CNMA) have published an open letter to President Emmanuel Macron and the French government calling for changes to stop France’s art market losing out to the UK after Brexit.

The UK government’s Brexit documents reveal that in the event of a no-deal with the European Union it will not be aligned with EU regulations on cross-border trade for cultural property.

Brexit minister Dominic Raab revealed the government has hired an extra 300 staff for the Home Office’s Border Force ready for the UK’s exit from the European Union and will recruit another 1000 “ready to deal with any increase in work”.

The European Union’s plan to introduce new laws on the import of cultural goods, due to be voted on this summer, has been delayed until September.

A European Union update to current anti-money laundering regulation designed to tackle terrorist financing risks will place an extra administrative burden on art and antiques businesses, warn trade associations.