A number of companies have contacted us recently (especially piano dealers) asking about the changes that came into effect this January concerning Money Laundering regulations…
Concern was being expressed that new licences and compliance would be required for shops.
We have taken legal advice on behalf of the industry and offer the following (positive) guidance:
- Musical instruments are designed and built to facilitate a musical performance
- This means that our products should not be defined as items of “art”, as they are not purely made to be admired
- This distinction is important as the arts and antiques sector now requires increased compliance in relation to Money Laundering legislation
- The only threshold that our shops must be aware of is that of cash payments:
- No cash payment of 10,000 Euros or more can be taken without triggering the need for additional compliance
We hope this is welcome news for the industry, please keep us updated should any visiting officials beg to differ!
Here is a useful document: Money Laundering Guide
Here is the government website link: www.gov.uk/government/publications/money-laundering-and-terrorist-financing-amendment-regulations-2019