Author: Dr. Angelika Hellweger 26 June 2023
Angelika’s piece, which was published by Wealth Briefing, explains how high-profile art collector Nazem Ahmad’s assets were frozen due to allegations that he used his art collection to launder money for the Lebanese group Hezbollah.
This was the UK’s first use of powers to designate an individual under the Counter Terrorism (Sanctions) (EU Exit) Regulations 2019, which are in place to target those that the Treasury has reasonable grounds to suspect are involved in terrorist activity.
Angelika states that there is a trend towards greater regulation, with states putting in place regimes that place anti-money laundering and combating the financing of terrorism (AML and CFT) obligations on those participating in the art market.
Her article emphasises the need for those in the art and antiquities markets to ensure they are not exposed to civil and / or criminal liability. This, she says, requires individuals or businesses that conduct activity in or around high-risk jurisdictions to have a thorough understanding of the rapidly-changing sanctions regulations that are in place and the obligations these place upon them.
Angelika outlines the approach such individuals and businesses need to take in whichever country or countries they do business.
Angelika's article featured in Wealth Briefing.
Angelika is a specialist in international, high-level economic crime investigations and large-scale commercial disputes. She has widely-recognised expertise in representing corporates and conglomerates in Europe, the Middle East, Africa and United States.