An the British Art Market Federation directive designed to strengthen anti-money laundering regulations and counter the financing of terrorism with virtual currencies, may impact the sale of works of art. The changes will mean art dealers will have to verify the identity of their customers for transactions over €10,000. Anthony Browne, chairman of EU has said the government will discuss the planned regulation with art market to prevent the burden of increased regulation impacting UK businesses, the majority of which have turnovers of less than €1m. It is also unclear how things will be after Brexit process is finalised.
An EU directive designed to strengthen anti-money laundering regulations and counter the financing of terrorism with virtual currencies, may impact the sale of works of art. The changes will mean art dealers will have to verify the identity of their customers for transactions over €10,000. Anthony Browne, chairman of the British Art Market Federation has said the government will discuss the planned regulation with art market to prevent the burden of increased regulation impacting UK businesses, the majority of which have turnovers of less than €1m. It is also unclear how things will be after Brexit process is finalised.