Overview
Partner Alex Melia and associate Elliot Letts authored an article that appeared in Law360, "What To Know About New Art Market Reporting Obligations." The article discusses new regulations in the UK, effective May 14, 2025, mandating sanctions reporting obligations on art market participants and high value dealers. These changes aim to enhance the enforcement of UK financial sanctions by improving the intelligence capabilities of HM Treasury's Office of Financial Sanctions Implementation (OFSI). Businesses must review and strengthen their compliance controls, including risk assessments, written policies, training, and audits. Non-compliance can result in severe penalties. OFSI's guidance outlines best practices for sanctions compliance, emphasizing the need for robust due diligence and preparation for increased scrutiny.
