International Trade and Customs



 

 


International Trade and Customs


Author: Simon Stokes

Guidance is now available on a anti money laundering for the UK art market and those from overseas coming into the UK to sell works of art.

On 7 February the UK's HMRC (the UK tax authority) published long awaited guidance on anti money laundering (AML) for the UK art market.  In fact offences in relation to money laundering have been in place – and have applied to art market participants - for many years under the Proceeds of Crime Act 2002 (POCA).   What is new is that from 10 January 2020 art market participants who deal in sales, purchases and/or storage of works of art (as defined in s21(6) of the VAT Act 1994) with a value, for a single transaction or a series of linked transactions, of 10,000 euros or more, will be subject to further AML obligations, under the Money Laundering Regulations 2017 (as amended by the EU Fifth Money Laundering Directive).

Read more: Anti Money Laundering Guidance is Now Available for the UK Art Market


Project finance is the long-term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors.

Download the Project Finance guide.


Barack Ferrazzano Corporate & Securities Group partner Matthew A. Jackson recently provided insight to proactive business strategies involving the current international landscape surrounding tariffs. In this article, "Navigating Tariffs: A Multipronged Approach," Matt discusses the steps to take when assembling a team to manage short-and long-term needs, including reviewing and accessing contracts with suppliers, both current and new.

Read Part 1 of the series.  |  Read Part 2 of the series.


Hiways Law Firm has published a new edition of HiNews covering new legislation, recent case highlights, and insights from the firm for December 2019.

Click here to review the full update.


Summary

The law of 4 April 2019 "amending the Code of Economic Law as regards abuses of economic dependence, unfair terms and unfair market practices between companies" subjects B2B contracts to stricter rules, in a way similar to what is already the case for B2C contracts.

3 new rules for B2B contracts have been enacted:

  • The prohibition of the "abuse of economic dependence",
  • The prohibition of unfair terms, causing a "manifest imbalance" between parties and the introduction of black lists and grey lists for such clauses,
  • The extension to B2B of the B2C prohibitions existing for some unfair, misleading or aggressive practices.

Read the entire article.