Karen Sanig, Partner in Art Law, has been interviewed by The Times on the global art market and the implementation of the European Union’s fifth anti-money laundering directive.
The article says that with the updated directive "Those selling art must alert the UK taxman, assess the extent to which they are exposed to money laundering, conduct pre-sale customer due diligence, and — controversially — report suspicious transactions to the authorities."
"Sanig points out that the Society of London Art Dealers has produced a plan for members on dealing with the directive — and she says that her firm is fielding daily calls from clients concerned with how to comply. “The new rules are onerous,” she says, “but they will become part of the language.”
Read the full article here (subscription only).