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).
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.
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: