Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the Government’s policy is on the potential expansion of the definition of Art Market Participants within the Money Laundering Regulations to include (a) digital works of art, (b) Non-Fungible Tokens and (c) antiques and antiquities.

The review of the UK’s Anti-Money Laundering regime, published by His Majesty’s Treasury in June 2022, considered the best approach to amending the regulated sector subject to the Money Laundering Regulations. After reviewing consultation responses, the Government has committed to use the National Risk Assessment of Money Laundering and Terrorist Financing, as the central vehicle through which emerging risks are assessed and new sectors are considered for inclusion under the Money Laundering Regulations.