Anti-Money Laundering Health Checks

Art market participants (AMPs) are currently assessed as high risk for money laundering, and to assist with identifying the risks, the UK Government has issued risk assessment information covering key areas for carrying out supervised business activities.

HMRC has published a self-assessment of its money laundering supervisory performance, which is broadly in line with the relevant Money Laundering Regulations and OPBAS sourcebook, however stating there was room for improvement.

The National Risk Assessment of Money Laundering and Terrorist Financing 2020 report was published yesterday, 17 December, increasing estate agents from low to medium risk as well as introducing letting agents as medium risk.

The Intelligence and Security Committee of Parliament issued their report on 21 July on Russia, highlighting the problems estate agents are faced with in combatting financial crime activity in property markets.