Gurr Johns is proud of our longstanding client relationships and our core values of integrity, trust and transparency that we enjoy with all our clients and partners.
At Gurr Johns we are highly committed to complying with all applicable legislation intended to prevent money laundering and terrorist financing and as such we welcome the new EU legislation regarding Anti-Money Laundering and consider it as a positive step for our industry.
The Fifth Money Laundering Directive (5AMLD) came into effect on 10th January 2020, and participants operating in the art market both in the UK and the rest of Continental Europe will be captured within the scope of this legislation. As such the Gurr Johns group of companies (Gurr Johns Ltd. and Gurr Johns Inc.) now becomes a regulated entity for anti-money laundering purposes. Adopted under UK law, the enforcement will be carried out by HMRC in the UK.
The legislation is mandatory and currently requires verification of the identity of clients when selling or acquiring works of art and jewellery. These principles will apply to all clients, whether existing or new; for the avoidance of doubt any client of Gurr Johns including those in the Americas, Europe, Middle East and Asia is included under this new directive. The checks required and the records that we must keep are like the Know Your Client ‘KYC’ that is the norm in other regulated markets across the globe, especially by law firms and banks, and should be familiar to everyone.
If you have any questions, please feel free to get in touch at email@example.com
Last updated: 1st May 2020