The European Parliamant has voted to adopt tighter regulations for the art market in an effort to combat money laundering. The proposal, known as the “Fifth Anti-Money Laundering Directive,” was implemented in Brussels on April 19, reports Anna Brady in The Art Newspaper.
The new rules aim to bring “more transparency to improve the fight against money laundering and terrorist financing across the European Union,” according to a statement by a group of Parliament leaders. They follow earlier anti-money laundering initiatives introduced in June 2016, in the aftermath of terrorist attacks in the EU as well as the financial dealings exposed by the Panama Papers leak, they said.
Dealers will now have to verify the identity of clients buying work for €10,000 ($12,130) or more, according to the TAN report. While previous anti-money laundering provisions pertained only to cash payments, the new regulations extend to all payment methods. The