London Daily

Focus on the big picture.
Thursday, Jul 02, 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 Government Confirms Rejected Asylum Seekers to Remain Amid Enforcement Challenges
UK-China Economic Talks Focus on Services Trade and High-Value Sectors
Buckingham Palace Revamp Plans Unveiled to Modernise Royal and Public Facilities
Two Dead After Light Aircraft Crash in Essex Field, Investigation Underway
Princess Diana Marked at 65 With UK Tributes Reflecting on Her Public Legacy
England Teachers Face New Pay Cap Rules for Academy School Leaders Under Education Reform
Dublin Security Alert Escalates After Stabbing and Reports of Transport Disruption
UK Government Faces Scrutiny Over £10,000 Asylum Living Cost Contribution Requirement
England Prepares World Cup Knockout Match Against Democratic Republic of Congo
Northern Rail Project Warned of HS2-Style Cost Risks by UK Parliamentary Committee
UK Tightens Asylum Rules as Most Rejected Applicants Expected to Remain in Country
UK Heat Health Alert Issued as Temperatures Expected to Exceed 30°C Across England
Halifax Brand to Disappear From UK High Streets in Lloyds Banking Group Restructuring
England Teachers Receive 6.6 Percent Pay Rise Over Two Years as Schools Warn of Budget Strain
UK Defence Spending Plan Sparks Budget Clash as Regional Infrastructure Projects Face Pressure
Inquest Continues in Northern Ireland into Death of Noah Donohoe in Belfast
UK Travel Industry Calls for Suspension of New EU Border System During Peak Holiday Season
Telegraph Media Group Acquired by German Media Firm in £575 Million Deal Completion
House of Commons Warns Northern Rail Upgrade Risks Repeating High-Speed 2 Cost Overruns
UK Transport Unions Warn of Summer Strike Action Over Pay Disputes
UK Health Secretary Calls Maternity Care Review a “Watershed Moment” for NHS Reform
Nigel Farage Faces Questions Over £270,000 Payment Linked to Gold Marketing Firm
Labour Government Faces Internal Division Over North Sea Oil and Gas Policy Direction
National Screening Committee Invites New Proposals for UK Health Screening Programmes
UK and China Hold Industrial Strategy Talks on Trade and Export Growth Opportunities
UK Defence Funding Gap Widens as £4.7 Billion Shortfall Puts Pressure on Spending Priorities
United Kingdom Faces Historic Demographic Shift as Deaths Forecast to Exceed Births in England and Wales
United Kingdom Introduces Major Motability Scheme Reforms Targeting £1 Billion in Long-Term Savings
Global Billionaire Numbers Rise 13 Percent Amid Artificial Intelligence Stock Boom
Body of Fifteen-Year-Old Boy Recovered from Manchester Reservoir
Major Rail Disruption in UK After Cows Stray Onto Intercity Tracks
UK Launches National Campaign to Reduce Water Consumption After Heatwave
Foreign Secretary David Lammy Raises Case of UK Woman Death with US Authorities
Shetland Islands Council Approves Subsea Tunnel Plans Linking Major Islands
Telegraph Media Group Takeover by German-Led Consortium Completed
Resident Doctors in England Accept Government Pay and Conditions Deal
Andy Burnham Sets Out Ten-Year Economic Vision Amid Labour Leadership Debate
Asylum Seekers in UK Face £10,000 Contribution Requirement Under New Law
UK Government Moves to Break Apple and Google App Store Dominance
New UK Steel Tariffs and Import Quotas Aim to Shield Domestic Industry
Damning Report Exposes Failures in Maternity and Neonatal Care Across England
Government Data Reveals Five Billion Pound Shortfall in UK Defence Budget
Prime Minister Keir Starmer Unveils Three Hundred Billion Pound Defence Investment Plan
UK Crime and Policing Act 2026 Comes into Force with New Justice System Reforms
UK Prime Minister Hosts NATO Secretary General Mark Rutte for Security Talks at Downing Street
UK Tightens Oversight of Emissions Trading Scheme Through New Ministerial Directions
UK Issues Statement at UN Security Council on Violence in the West Bank
UK Environment Agency Clears Illegal Waste Site in West Yorkshire After Court Action
UK Resident Sentenced for Fraudulently Claiming £30,000 in Covid Business Loans
UK Launches Taskforce to Help Young People Claim Dormant Child Trust Fund Savings
×