London Daily

Focus on the big picture.
Saturday, Jun 13, 2026

How to prevent Monet laundering

How to prevent Monet laundering

Britain’s art market is creative, edgy, world-leading - and, it is feared, a magnet for money launderers.
The next time connoisseurs are gripped by a record-breaking sale by a young Brit sensation or an old master, lawyers warn that they should pause to consider this startling statistic: according to the United Nations Office on Drugs and Crime, every year £2.3 billion of the global art market could be linked to money laundering or other financial crime.

In total, the global art market is thought to be worth more than £50 billion, and the UK has about a 20 per cent slice of that pie as of 2019. It is not difficult to understand why implementation of the European Union’s fifth anti-money laundering directive, which despite Brexit came into force in the UK last January, is seen as a crucial tool to crack down on abuse in the market.

“The decision to regulate the businesses in this sector is not surprising given the extent to which criminals see trading in works of art as an ideal opportunity to launder the proceeds of their crimes,” says Nicola Finnerty, a partner at Kingsley Napley.

Her London law firm is playing a pivotal role in the launch last week of a training and awareness programme for dealers and buyers that is supported by the three arts councils across the UK.

The updated directive extends anti-money laundering law to cover art market deals and requires galleries, auction houses, dealers and individual artists — all those involved in selling work valued at more than £8,500 directly to clients — to conduct due diligence, monitoring, and enhanced record-keeping.

Lawyers involved with the awareness campaign point to the government’s latest national risk assessment from December, which showed that the UK art market is considered highly vulnerable to money laundering, primarily because it is so attractive to those looking to disguise the proceeds of crime.

Experts describe the beefed-up rules as a considerable shift towards greater transparency, data management of an art market that traditionally has been unregulated and built largely on practices that have relied heavily on trust and client confidentiality.

Without doubt, the implications of the latest iteration of the law will be significant. A regulation breach could leave art-market players at risk of public censure and facing prohibitions on managing their businesses, or fines and criminal prosecution for offences that will carry potential sentences of up to two years in prison.

Avoiding falling foul of the regime inevitably brings a raft of red tape. 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.

As Emily Allchurch, a London-based artist who works with digital photography and lightbox art, points out, the rules are not just for businesses.

“As an individual artist occasionally making sales direct to clients in the UK and internationally, I am concerned that the new regulations could affect me in the future,” she says, welcoming moves by the art establishment and the legal profession to raise awareness.

Suzanne Lyle of the Arts Council of Northern Ireland says: “Many artists and galleries may be unsure of what the recent legislative changes mean for them and how it affects the way they do business.” Her organisation and its counterparts in the UK’s two other jurisdictions have pointed out that businesses and artists need to make changes to their process by June 10.
Newsletter

Related Articles

0:00
0:00
Close
Barclays Moves to Acquire GoHenry in Bid to Expand Youth-Focused Fintech Services
UK Lupus Patients Show Remission in NHS Genetic Therapy Trial
London Clean Air Zones Linked to Fewer Emergency Hospital Admissions for Respiratory Illness
UK World Cup Scheduling Research Suggests Energy Bill Savings From Off-Peak Usage
UK Economic Anxiety Rises Among Young People Over Long-Term Job Prospects
NHS Expands Meningitis B Vaccination Programme for School Leavers and New Students
London Ultra-Low Emission Zone Linked to Drop in Emergency Respiratory Hospital Admissions
Derbyshire Police Officer Investigated Over Alleged Use of AI-Generated Evidence in Case Files
UK Parents Back Proposed Under-16 Social Media Ban as Online Safety Concerns Grow
Four Palestine Action Activists Jailed Over Sabotage Attack on Israeli-Linked Arms Facility
Barclays to Acquire GoHenry in Push to Expand Digital Banking for Children and Teenagers
UK Government Reaffirms Defence Spending Commitment Amid Cabinet Pressure and Political Disputes
Belfast Unrest Prompts Security Review as Paramilitary Activity Comes Under Renewed Scrutiny
SpaceX IPO Pushes Elon Musk to Become World’s First Trillionaire After Record Valuation Surge
United States and Iran Near Landmark Peace Framework as Negotiations Reach Final Stages
UK Competition Watchdog Investigates Ryanair Family Seating Charges
Imperial College Study Links London Emissions Charges to Lower Hospital Admissions
Scottish First Minister Launches US Trade Initiative Ahead of World Cup Match in Boston
Fifteen Million Workers Gain Expanded Sick Pay Rights Under UK Reforms
British Retail Investors Secure Record Participation in SpaceX Share Offering
Keir Starmer and Micheál Martin Coordinate Response to Northern Ireland Violence
NHS Prepares for Major Disruption as Resident Doctors Announce Four-Day Strike
Bank of England Expected to Hold Rates as Energy Costs Complicate Inflation Outlook
Britain Moves to Ban Under-16s From High-Risk Social Media Platforms and AI Chatbots
UK Economy Contracts as Middle East Conflict Weighs on Growth
Defence Secretary John Healey Resigns Over Military Spending Dispute With Treasury
Prime Minister Keir Starmer Faces Leadership Crisis After Senior Cabinet Resignations
NHS Trust Secures Funding for AI Tool to Detect Heart Failure Earlier
Government Unveils £4.5 Billion Investment Plan for Walking and Cycling Infrastructure
Nationwide Reports UK House Prices Falling as Borrowing Costs Remain Elevated
Centre for Social Justice Says Two Million Britons Are Using Illegal Loan Sharks
UK Carmakers Warn EU Local Content Rules Could Damage British Manufacturing
UK Government Imposes Emergency Ban on Seven Potent Synthetic Opioids
Royal Navy Completes Major North Atlantic Anti-Submarine Exercise Off Norway
NHS Figures Show Nearly 3,000 Patients a Day Receiving Care in Hospital Corridors
CBI Cuts UK Growth Forecast as Middle East Tensions Drive Inflation Risks Higher
Dan Jarvis Appointed UK Defence Secretary Following Major Government Reshuffle
University College London Study Links Physical Punishment to Higher Risk of Bullying
East Midlands Railway Unveils First Refurbished Train in £60 Million Modernization Programme
RNLI Issues National Water Safety Appeal Ahead of Expected Heatwave
Climate Change Raises Subsidence Risks for Millions of Homes Across Southeast England
Manchester Advances Plans for Underground Piccadilly Station With £1 Million Funding Commitment
Anti-Immigration Violence Continues in Belfast Amid Heightened Security Concerns
UK Law Locks Great British Railways Into Public Ownership
Office for National Statistics Adopts Supermarket Checkout Data for Inflation Measurement
Applied Atomics Launches With $500 Million Space Infrastructure Order Book
BYD Plans Nationwide Rollout of Ultra-Fast EV Charging Network
UK House Prices Unexpectedly Fall in May
CBI Warns UK Growth Is Becoming Increasingly Dependent on Public Spending
Makerfield By-Election Fuels Speculation Over Labour’s Future Leadership
×