Tag Archives: money laundering

Blockchain – what is it and how is it relevant?

What is blockchain?

Distributed Ledger Technologies (DLT)

DLT is a decentralised ledger of transactions with identical copies maintained on multiple independent computer systems. This means the transaction ledger is maintained simultaneously across a network of unrelated computers or servers called “nodes”, like a spreadsheet that is duplicated thousands of times across a network of computers.

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Art and money laundering

The bane of every English lawyer’s life is having to deal with the requirements of the Money Laundering Regulations.  These hail from the EU, but were adopted and expanded with enthusiasm by the last government. 
For every new client, we have to establish the identity of the client and, if the client is a company or trust, the identity of those who control or beneficially own the client.  Original or certified copy documents showing addresses, such as utility bills, and official photographs, such as passports, are required.  Failure to carry out these checks can have serious criminal consequences for the lawyer or those responsible for compliance, and so they can not be avoided.  For a commercial law firm with international clients it can be very difficult to identify those companies, organisations or beneficial owners, and that is particularly so when acting for the owners or purchasers of art. 
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