Key points of the LCB-FT
On the recommendation of the FATF (Financial Action Task Force), the European Union has adopted Directives to introduce harmonised measures to combat money laundering and terrorist financing within the Union, the first of which dates back to June 1991.
The Directives now require you, players in the art and luxury goods market, to put in place an organisation, procedures and internal control measures so that you are able to detect atypical transactions and inform TRACFIN, the financial intelligence unit.
The legislative authorities have taken the view that you, as art market professionals, are in the best position to detect signals from a transaction, a customer or a work of art that could prove to be sensitive. This is why they have imposed a number of vigilance measures on you.
Don't panic, Eunomart will guide you through the implementation of these procedures!
