State of Financial Crime 2023 Report

5AMLD: High Value Goods

5MLD expands the scope of legislation regarding other stores of value: art traders, for example, or those acting as intermediaries, now have AML/CFT reporting obligations and will have to perform due diligence procedures on customers. The directive specifically singles out high value works of art for the first time, by applying regulation to transactions involving art which amount to €10,000 or more.  5AMLD Art High Value GoodsThe scope of 5MLD is not limited to art: now, transactions involving a range of high value goods are considered high risk – including oil, arms, precious metals, and tobacco. Notably, historical, cultural and archaeological artifacts are included in the regulation – a move to specifically target funding for terrorist groups such as ISIS.

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Originally published September 6, 2018, updated May 5, 2022

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