Dr. Angelika Hellweger | 4 November 2024
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The effect of anti-money laundering (AML) enforcement on the UK art world was explained by Angelika Hellweger.
Angelika outlined to Politico the tougher approach being taken to AML in relation to the art world – and why art can be attractive to those who may want to launder money.
She said: “Art is moved easily across borders. That's the big advantage of art: A house in central London is a good investment, but you can’t take it with you.’’
Angelika said that this year has seen HM Revenue and Customs take a more rigorous approach to enforcing AML rules.
She added: “It feels like the honeymoon period is over. The pace has been definitely accelerating, both in the number of galleries investigated and the strictness of implementation. Previously, they would ask: ‘Are you registered and were you doing the basics?’ And now their questions are much more aggressive and assertive.”
The full article can be read here.
Featured at: Politico
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