Starting from May 2025, all financial sanctions in the UK will include the art trade, signaling a major regulatory change for high-value art transactions.
Helen Mulcahy states that the OFSI aims to have the art market assist in reporting sanctioned collectors and suspicious entities, pushing for increased market vigilance.
New regulations will enhance reporting responsibilities for art market participants, potentially necessitating freezing of assets held by individuals under sanctions regulations.
The expanded definition of 'relevant firms' signifies new compliance obligations for more than 1,500 art market participants already registered with HMRC.
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