New and Impending Art World Money Laundering Regulations

Steve and Katie speak with British art lawyer and General Counsel of Phillips auction house Martin Wilson about European anti-money laundering regulations applicable to art market participants and their recent implementation in the UK. Generally, these regulations require art dealers, galleries, and auction houses to register with the government and undertake due diligence on every art transaction over a certain threshold amount, including with respect to the identity of all ultimate beneficial owners of the transacting parties. Steve, Katie, and Martin discuss the practicalities of compliance, the general secrecy of the art market and the reasoning behind such regulations, and Martin's recently published book, Art Law and the Business of Art. Steve and Katie also discuss the anti-money laundering regulatory environment in the United States as it applies to the art market and what may be just around the corner.   Notes for this episode: http://artlawpodcast.com/2021/03/05/new-and-impending-art-world-money-laundering-regulations/   Follow the Art Law Podcast Instagram: https://www.instagram.com/artlawpodcast/ TikTok: https://www.tiktok.com/@artlawpodcast