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The United Kingdom Welcomes the Art Market to the Regulated Sector

New anti-money laundering legislations target this trade.

On Jan. 10, 2020, the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (Regulations 2019) went into effect in the United Kingdom. Regulations 2019 transposed the European Union’s Fifth Anti-Money Laundering Directive into U.K. national law and brought art market participants (AMPs), including but not limited to qualifying dealers, auction houses, intermediaries and freeports, within the regulated sector for anti-money laundering purposes.

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