ECSH54625 - General AMP risks

General AMP risks

Art Market Participants (AMPs) are at risk from money laundering, terrorist financing and proliferation financing. For more information on proliferation financing see ECSH63386.

Within the services provided by AMPs to their customers, there is a risk of exploitation by criminals in order to launder illicit monies and conceal assets. Common risks throughout the sector may present as, but are not limited to, the following:

  • From a selling perspective, there is a risk that an AMP may handle or facilitate a sale of a work of art which is stolen, looted or purchased with the proceeds of crimes such as tax evasion, fraud, forgery, and drug trafficking.
  • There is also a risk the artwork could have been purchase with funds linked to terrorism, contributing to the financing of terrorism.
  • On the buying side, money laundering could occur where the AMP facilitates the purchase of a work of art with funds which are derived from criminal activities.
  • The UK art market is considered at high risk of money laundering because criminals can conceal the ultimate beneficial owner of art, as well as the source of funds used to purchase art.  

Further information regarding risks can be found within:

(This content has been withheld because of exemptions in the Freedom of Information Act 2000)