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The United Kingdom Welcomes the Art Market to the Regulated SectorThe United Kingdom Welcomes the Art Market to the Regulated Sector

New anti-money laundering legislations target this trade.

Azmina Jasani, Partner, Art and Cultural Property Law Group

March 26, 2020

19 Min Read
jasani-preparing art for auction-Jeff J Mitchell Getty Images.jpg

On Jan. 10, 2020, the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (Regulations 2019) went into effect in the United Kingdom. Regulations 2019 transposed the European Union’s Fifth Anti-Money Laundering Directive into U.K. national law and brought art market participants (AMPs), including but not limited to qualifying dealers, auction houses, intermediaries and freeports, within the regulated sector for anti-money laundering purposes.

At its core, Regulations 2019 require AMPs to carry out due diligence on their customers and transactions to ensure they understand who they’re dealing with and the type of transaction at hand. The purpose of Regulations 2019 is simple: to prevent criminals from using art as a vehicl...

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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.