A new law, which came into force on 10 January, has ushered in material changes to the regulation of the art market, extending the application of the UK’s anti-money laundering legislation to the sector.

The new law, incorporating the Fifth Money Laundering Directive, introduces increased compliance requirements and the risk of criminal liability for businesses operating in the art market, meaning that companies and sole traders alike must now ensure their anti-money laundering processes and procedures are fit for purpose.

Originally published by TheWealthNet - January 20, 2020.