Mary-Alice Stack, 20 May 2021
The value of the UK art market is estimated at c.£10 billion per annum and represents 20% of global art trade. The size of our market share (second only to the USA, alongside China) has been long recognised as a key strength of the UK’s creative economy. But the Government’s latest National Risk Assessment from December 2020 puts it at high risk of money laundering. But what exactly is money laundering, and how does it impact on the art market?
Money laundering is the process by which the financial proceeds of criminal activity are dealt with in a way that makes those funds appear lawful. At its most basic, this can happen when criminals buy art with dirty money then resell it – or use it as collateral for a loan. Continue reading “Article: New obligations to protect UK’s art market from money laundering”