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New Anti-Money Laundering Regulations Target the Art MarketNew Anti-Money Laundering Regulations Target the Art Market

An overview of key changes.

Azmina Jasani, Partner, Art and Cultural Property Law Group

April 10, 2019

13 Min Read
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Anti-money laundering laws in the United Kingdom are largely outlined in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (Regulations 2017). Regulations 2017, which came into force on June 26, 2017, implemented the E.U.’s Fourth Anti-Money Laundering Directive (4AMLD).1 4AMLD aligned E.U. money laundering laws with international standards, harmonized those laws across the European Union and embraced a risk-based approach to respond to the threat of money laundering.

Barely a year following the United Kingdom’s implementation of 4AMLD, the European Parliament adopted a new directive amending 4AMLD. It adopted the Fifth Anti-Money Laundering Directive (5AMLD) on April 19, 2018, whi...

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About the Author

Azmina Jasani

Partner, Art and Cultural Property Law Group, Constantine Cannon

Azmina Jasani is a partner in Constantine Cannon's Art and Cultural Property Law Group, and concentrates her practice on all aspects of art law.  Azmina is dual qualified to practice law in New York and England & Wales. She has significant experience working with international collectors, large and small galleries, auction houses, professional advisers, dealers and financial institutions on contentious and non-contentious matters.

Azmina advises clients on the sale and purchase of important works of art bought and sold privately or at auction, on consigning works to auction houses and galleries, on using art as collateral for loans, on loaning artworks to museums or special exhibitions, on copyright and other intellectual property rights and on operating an e-commerce business, particularly online-only auctions. In addition to her transactional experience, Azmina has substantial litigation experience in the area of copyright infringement, authenticity, title disputes, consignment disputes, general contract and complex commercial disputes, including fraud, and World War II restitution.

Prior to joining Constantine Cannon, Azmina spent four years as an associate in the New York office of Withers Bergman LLP, where her primary focus was art litigation. She also spent two years as an associate in the New York Office of Schulte Roth & Zabel LLP, where she advocated on behalf of corporate and hedge fund clients on matters relating to securities fraud and contractual disputes.

Azmina received her J.D. from the University of California, Berkeley School of Law (Boalt Hall), and her B.A., summa cum laude, from Queens College, City University of New York.