Amber alert on criminal activity through artwork storage issued by NCA

First changes to company law expected for 4th March
New sanctions guidance on risk assessment published by SRA

The National Crime Agency (NCA) has issued an amber alert on Financial Sanctions Evasion, Money Laundering & Cultural Property Trafficking Through the Art Storage Sector.

The alert provides information for firms on:

  • Art storage facilities and specialist services;
  • Key indicators and useful questions;
  • Case Studies on the involvement of bonded art storage facilities and unquestioned long-term storage in sanctions circumvention;
  • Sanctions evasion, money laundering, and property trafficking offences; and
  • Reporting obligations and mechanisms.

Firms should review the NCA notice and make any appropriate enhancements to their processes and procedures in complying with their sanction compliance requirements.

https://nationalcrimeagency.gov.uk/who-we-are/publications/692-0735-necc-amber-alert-sanctions-evasion-money-laundering-in-the-art-sec/file

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