Industry told to prepare for anti laundering law

The art and antiques trade were warned to be ready for the new money-laundering regulation coming into force next year.

Speakers Mathilde Heaton from The Responsible Art Market Initiative and Adrian Parkhouse of law firm Farrer & Co detailed the requirements of the new law at the latest Art Business Conference. The Fifth Anti-Money Laundering Directive, due to come into force in 2019, is designed to make the transfer of assets more transparent. The changes include the need to verify identities for transactions of €10,000 or more, irrespective of the payment method. This covers any series of lower-value ‘linked transactions’ that can add ...