London Daily

Focus on the big picture.
Friday, Jun 19, 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
UK Health Authorities Introduce Drug Price Concessions Amid Record NHS Medicine Shortages
Sir David Attenborough Supports Sherwood Forest Conservation Efforts After Loss of Major Oak
Aardman Animations Marks 50 Years With Major Exhibition in Bristol
Drax Cleared After Investigation Into Wood Pellet Sourcing Practices
Jaguar Land Rover Shifts Toward Hybrid Vehicle Production for US Export Strategy
UK Police Arrest Liberal Democrat MP Cameron Thomas on Suspicion of Assault
Health Concerns Grow Over Elevated Kidney Cancer Rates Near Lancashire PFAS Factory
Royal Navy F-35 Jets Conduct First NATO Air Warfare Exercise from Finnish Airspace
UK NHS Issues Price Concessions for Medicines Amid Severe Drug Shortages
Heathrow Third Runway Project Faces Sharp Downward Revision in Expected Economic Benefits
Amber Heat Warning Issued Across Parts of England and Wales as Temperatures Rise
Train Collision Near Bedford Disrupts UK Rail Network and Leaves Multiple Injured
Bank of England Data Suggests Brexit Has Reduced UK Economic Output by Around Six Percent
UK Borrowing Costs Hold Near 4.8 Percent as Political Uncertainty Fuels Market Pressure
Andy Burnham Emerges as Front-Runner to Succeed Keir Starmer After Landslide Makerfield Victory
Prime Minister Keir Starmer Faces Mounting Pressure to Resign After Labour By-Election Defeat in Makerfield
Payment Fraud Losses Reach £1.28 Billion and Raise National Security Concerns
Lending to Small Businesses Climbs to Highest Level Since Late 2024
Middle East Conflict Clouds UK Economic Recovery Despite Strong First-Quarter Growth
Bank of England Moves to Simplify Capital Rules for Smaller Lenders
UK Government Fast-Tracks National Security and Cyber Resilience Legislation
Ofcom Investigates Telegram Over Alleged Role in Organising Arson Attacks
MPs Press Fujitsu to Speed Compensation for Post Office Horizon Victims
Bank of England Delays Final Basel III Implementation Changes to Support UK Banking Competitiveness
Pound Falls as Political Uncertainty and Bank of England Signals Weigh on Markets
0Andy Burnham Wins Makerfield By-Election and Emerges as Main Challenger to Keir Starmer
Dorset Council Tests AI Tools to Streamline Local Planning Applications
UK Researchers at Kew Gardens Use AI to Speed Up Identification of Threatened Plant Species
UK Gilt Yields Ease Toward 4.8% as Inflation and Labour Market Data Weigh on Bonds
Bank of England Data Shows Resilient SME Lending Despite Economic Slowdown
UK Finance Reports Weakening Services Activity as Business Confidence Softens
UK Introduces Mandatory Internal Complaints Process Under Data Use and Access Act
Bank of England Governor Andrew Bailey Flags Geopolitical Uncertainty as Key Risk to Inflation Outlook
Bank of England Holds Interest Rates at 3.75% as Policymakers Signal Cautious Stance on Inflation Risks
Cornwall Clergy Raise £40,000 for Church Repairs Through Everest-Themed Charity Challenge
UK Business and Social Landscape Reflects Strain From Geopolitical and Domestic Pressures
Tensions Grow in UK Over Sikh Kirpan and Religious Symbolism in Public Debate
Energy Price Cap Increase Set to Lift UK Household Bills by 13 Percent
University of Reading Ranked 196th in QS World University Rankings
UK Maritime Archaeologists Identify 17th-Century Dutch Shipwreck Off Devon Coast
Oxford Union Islam Debate Sparks Protest From Faith Leaders in UK
UK Social Cohesion Debate Intensifies After Religious Prejudice Survey Findings
UK SME Lending Rises Despite Geopolitical Uncertainty and Cautious Outlook
Foreign Demand for UK Gilts Remains Sensitive to Global Inflation Trends
Labour Party Faces Leadership Pressure After Weak Local Election Results in UK
Transport Costs Drive Inflation Pressure as Petrol Prices Push Up UK CPI
British Chambers of Commerce Cuts Growth Forecast as Middle East Conflict Weighs on Investment
UK Economy Grows 0.6 Percent in First Quarter but Outlook Remains Weak
Bank of England Holds Interest Rates at 3.75 Percent as Inflation Risks Persist
Energy Price Cap Rise Expected to Keep UK Inflation Above Target Through 2026
×