The deadline for the examination of the new law implementing the EU’s fifth Money Laundering Directive (2018/843) expires on 17.12.2019. According to the new law, companies can have their trade license revoked if they use strawmen. Since art dealing is also covered by the new law, the relevant expenditure increases for affected clients such as art galleries. Increased obligations apply now vis-a-vis customers from states, from a list of states with high risk. Before only a risk assessment was necessary.
13. December 2019