Guernsey’s Policy & Resources Committee has issued fresh guidance to high value goods and art market sectors, following a legal change in the UK that will have implications here.
The change in UK sanctions legislation, which was implemented in the Bailiwick last month, means reporting obligations in connection with financial sanctions which currently apply to financial services businesses, have been extended to dealers in high value goods and art market participants in the following limited circumstances:
- Dealers in goods who make or accept cash payments of at least 10,000 Euro; and
- People working in the art market in relation to works of art worth at least 10,000 Euro.
In response to this legal change the Policy & Resources Committee has issued a guidance document for businesses who may be affected, which can be found HERE.
There is also a considerable amount of information about sanctions, including details of all current sanctions regimes applicable in the Bailiwick and reporting obligations, available at the following gov.gg website: Sanctions – States of Guernsey.