AML Alerts – evading gold-related sanctions; art storage sector

Accountancy sector AML Alerts – Gold-based Financial and Trade Sanctions Circumvention and Financial Sanctions Evasion, Money Laundering & Cultural Property Trafficking Through the Art Storage Sector.

We draw your attention to intelligence provided to help identify indicators relating to risks associated with the following AML alerts recently published by the National Crime Agency (NCA).

• NECC Gold-based Financial and Trade Sanctions Circumvention (File) which provides information on common techniques sanctioned individuals and entities, and their enablers, are suspected to be using to evade sanctions related to gold.
• NECC Financial Sanctions Evasion, Money Laundering & Cultural Property Trafficking Through the Art Storage Sector (PDF) which highlights the sanctions evasion and money laundering risks presented to UK industries linked to the art storage sector, and serves as a reminder of due diligence checks and reporting obligations.

You are also advised to also refer to the National Crime Agency website page on Money Laundering & Illicit Finance for the latest news and publications relating to Suspicious Activity Reporting.

We strongly recommend that you read these documents and if you come across situations/circumstances that involve the circumstances described, refer to the reporting requirements and glossary codes to take appropriate action.

It would be useful if you could provide any feedback on the usefulness of the intelligence provided to [email protected]. Any comments provided will be treated in the strictest of confidence.

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