2024 April

HMRC Lists Most Recent Penalties on AMPs Written by Rena Neville, Head of FCS Compliance – Art Division The number of penalties imposed by HMRC on Art Market Participants (AMPs) is accelerating.  In the most recent notice of penalties given for the six-month period from 1 April to 30 September 2023, 31 AMPs were given

Particular Art Market Vulnerabilities to Money Laundering Written by Rena Neville, Head of FCS Compliance – Art Division The art market is particularly vulnerable to money laundering abuse. Cases in France and the US illustrate some of these risks; the same risks that had been previously identified by the UK’s National Risk Assessment Report. In

Amber Alerts for Art Storage Written by Rena Neville, Head of FCS Compliance – Art Division Are you an art market participant (AMP) storing works of art for the short or long term?  If so, your obligations to proactively monitor and report suspicious activity have become much clearer since the UK’s National Economic Crime Centre

Economic Crime Levy Increased for Largest UK Art Market Participants (AMPs) Written by Rena Neville, Head of FCS Compliance – Art Division If you are an art market participant (AMP) with a ‘very large revenue’ as defined by the UK Government, then you need to be aware that HMG has increased the economic crime levy