Art Works

HM Treasury written question – answered on 4th February 2015.

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Photo of Lord Kennedy of Southwark Lord Kennedy of Southwark Labour

To ask Her Majesty’s Government what assessment have they made of the case for regulation of the global art market in order to prevent crime.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

The art market in the UK is already regulated in so far as antique and fine art dealers that accept cash payments of €15,000 Euro or more in exchange for goods are considered ‘High Value Dealers’ and fall within the scope of the Money Laundering Regulations. This is because cash-intensive businesses are considered particularly susceptible to money laundering. High Value Dealers are supervised for the purpose of these Regulations by HM Revenue & Customs.

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