Money laundering

Art world rushes to conform to UK's anti-money laundering laws

So far a total of 475 "art market participants" have been registered—but delays mean more are likely to comply in the coming months

Art marketcomment

Not all they seem: how galleries can spot fake ID documents

From face-matching software to watching out for shifty behaviour, here is how you can protect yourself from fraudsters attempting to buy art under a false identity

Art marketcomment

Overseas galleries and art advisors listen up: you are not immune to new money laundering laws at UK fairs this autumn

Those exhibiting and doing business at events in the country now have to abide by the same, stricter rules as British businesses

What the US government sanctions of prominent Bulgarian art collector Vassil Bojkov mean for the art market

Oligarch is blacklisted as countries ramp up regulation and authorities move yet another step closer to the art world

If you sell art in the UK, you must register for anti-money laundering supervision by tomorrow—or risk prosecution

"Art market participants" who sell works of art worth €10,000 (£8,600) or more must register with the HMRC by 10 June

Artists will not be subject to anti-money laundering regulations, UK Treasury says

After lobbying from art organisations, government has made last-minute decision that creators who sell their work direct to clients will not be classed as "Art Market Participants"

Art marketcomment

The art market is 'high risk' for money laundering, so ignore new regulations at your peril

The UK government may make examples of galleries, advisors and auction houses found failing to comply to new laws, so prepare your business with these steps

NFTscomment

The looming legal and regulatory questions NFT collectors and sellers should prepare for

An expert in anti-money laundering laws shares her thoughts on the booming digital art marketplace

Art marketcomment

Risky business: how new US sanctions regulations will actually impact the art market

The US government has the 'regulatory vacuum' in its sights—here is a guide to who will be affected and how

Art marketcomment

How will US money laundering crackdown actually impact the art market? A lawyer explains

Congress is increasing its regulation of antiquities trade and while its powers are limited for now, change will come so the art industry must prepare

Art marketcomment

How art world leaders can embrace new money laundering regulations and create a 'think risk' culture

Punishment for the new rules now falls on the art market's top dogs, says Sotheby’s founding global compliance director Rena Neville

What the presidential election means for the US art market—no matter who is in the Oval Office

A dwindling middle market faces a stingy Senate while rising inequality and public unrest could prompt even more private sales

Will US Congress finally pass anti-money laundering legislation?

A recent Senate report found that secretive art market enables sanctions circumvention

Gold tycoon and art collector James Stunt charged with money laundering and forgery

The former husband of heiress Petra Ecclestone denies any criminality and says he will contest all charges

New money laundering regulations cause confusion at London Art Fair

Mid-market galleries take a mixed approach to new law, with some pricing works below the €10,000 threshold to avoid dealing with new client ID requirements

Crime news

Released but still under investigation: Russian couple embroiled in fraud scandal

Igor and Olga Toporovsky linked to controversial show of Russian avant-garde works in Ghent

Tough UK anti-money laundering law comes into force tomorrow—here's what you need to know

A lawyer's advice to art dealers, agents and galleries who could be unprepared for the hastily enforced new regulations

Is the art trade ready for new EU law calling for tough action on "dirty money"?

Many dealers say new regulations on money laundering will be almost impossible to comply with

Beaufort Securities broker pleads guilty to fraud involving art

Global money laundering scheme allegedly attempted to use Picasso to "clean up" £6.7m for undercover FBI agent

Art world caught up in UK's 'big problem with dirty money'

Transparency International's analysis of spending in corruption cases reveals role of art and antiques

US House of Representatives passes an anti-money laundering bill that could affect art and antiquities dealers

Introduced in March, the Counter Act is the latest legislation that faces dealers with financial regulatory burden

Funding Secure goes into administration after borrowers including London art dealer fail to pay back loans

Matthew Green owes the firm around £3m, according to legal documents filed by the peer-to-peer lender

Money laundering, trafficking, ivory: crackdown on art crime intensifies

Wave of sentencing and changes in legislation puts pressure on art world

European Parliament puts 'urgent' phasing out of freeports top of agenda

New report deplores the use of freeports to permanently store assets such as art

Lawnews

French court fines Art Basel backer UBS €3.7bn for tax evasion and money laundering

The conviction follows a seven-year investigation into the Swiss banking giant by French authorities

European Commission president Jean-Claude Juncker must close tax loopholes at Luxembourg freeport, MEP says

German politician Wolf Klinz describes the art storage facility as “high risk” for money laundering and tax evasion

Art marketcomment

Collaboration is key to solving art-market financial crime

Similar endeavours in other industries suggest that there is merit in working together to reduce financial crime

US anti-money-laundering bill could reappear early next year

Critics say the proposed law, which stalled following the US mid-term elections, would place an unnecessary burden on dealers

London dealer Matthew Green accused of selling art used to secure more than £2m in loans

His business Mayfair Fine Art went into administration earlier this year following FBI sting operation

Mayfair Fine Art administrators struggle to trace paintings linked to money-laundering scandal

Two works supposedly owned by bankrupt company, whose director Matthew Green resigned in February following FBI sting operation, are "apparently" in Dubai

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