Fine Art Market Pursued by Embezzlers Before 5MLD Comes into Force

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In 2018, ultra-high-net-worth individuals or (HNWIs) reportedly held assets totalling USD $1,810 billion in the form of art and other collectables such as sculptures and tapestries, according to Deloitte’s Art and Finance Report 2019, although lack of transparency is causing continual suspicion for fine art and sculpture collectors.

The entry into force of the 5th EU Anti-Money Laundering Directive in January 2020, requiring due-diligence on beneficial owners (BOs) for every single transaction, will act as a driver of this much-needed change, which is based on a survey of 54 private banks and 25 family offices in spring 2019, including major art collectors and professionals, states the report.