Sanctions regulations in Britain are being tightened in a bid to stop terrorists and criminals from using art and other high-value goods to conceal their wealth.
The move comes in the wake of the seizure of artworks belonging to alleged Hezbollah financier Nazem Ahmad in London, which The National revealed earlier this year.
Police believe all the work seized belonging to the Lebanese art dealer and diamond smuggler, valued at about $1.2 million, was probably to fund crime or terrorism.
The Office of Financial Sanctions Implementation has now issued regulations for those involved in the art market requiring them to report any suspicions of sanctions evasion or face fines and even imprisonment.
OFSI uses Mr Ahmad’s activities as a case study in the guidance it has issued that accompanies the changes in existing legislation.
The UK is a major player in the trade of artworks with sales of $11.05 billion, about 17 per cent of the global market, ranking it third in the world.
However, there have been concerns that it is increasingly being used to conceal assets to evade sanctions and fund terrorism, using front companies or intermediaries to hide ownership.
The UK’s National Crime Agency issued a warning earlier this year that specialist storage warehouses were being used to keep artworks hidden from law enforcement until they can be sold discreetly.
Existing legislation has been amended to extend the list of firms who are required to carry out due diligence checks and report potential sanctions evasion to include what OFSI calls ‘art market participants’.
These are firms or sole traders who buy or sell artworks where the transaction value is more than €10,000 or who store works of art of that value or more.
Lawyer Ms Angelika Hellweger told The National that his case served as a “catalyst” for the new measures, which will come into force in May next year.
“I think this is a textbook example of how to do sanctions evasion,” said Ms Hellweger, an art crime, sanctions and money laundering specialist, as well as legal director at London firm Rahman Ravelli.
“He had a complex network of companies that were owned by intermediaries and family members that was spread across several companies. So I think his activities made a big impact and why he is cited so often is because you see he is an example of how evasion works.”
Ms Hellweger warned that while the law may change in the UK regarding the sanctions evasion in the art market, many smaller dealers without the capacity to carry out all the due diligence required by the new legislation could simply move elsewhere.
“From a sanctions evasion perspective, everybody sees that the art market is a big playground,” she said.
“Many businesses will shift to places where there is not such a strict sanctions legislation, such as Hong Kong for instance or even the US, where the regulations look stringent but where the legislation when it comes to the art market is much weaker.”
The NCA’s warning came after the seizure of the 32 paintings belonging to Mr Ahmad when Met Police officers raided the Williams & Hill warehouse, near Heathrow Airport, and the auctioneers Phillips, in central London.
There is no suggestion Williams & Hill has committed any criminal offence. Phillips previously told The National it has co-operated fully with the authorities in the US and Britain.
Mr Ahmad was first accused by the US Department of the Treasury in 2019 of laundering “substantial” amounts of money and being involved in the smuggling of “blood diamonds” for Iran-backed Hezbollah.
He was sanctioned and then in April last year, he was charged by the US along with eight associates, including his UK-based right-hand man Sundar Nagarajan, with offences relating to breaching sanctions regulations.
Mr Nagarajan has been extradited to the US but Mr Ahmad is believed to be in Beirut. The US authorities have issued a $10 million reward for information about his whereabouts.
The changes in the regulations come in the form of a statutory instrument which allows the UK government to change a law without passing primary legislation.
The new measures also apply to ‘high-end dealers’ who trade in these items and are firms or individuals who receive payments of at least €10,000, rules which already apply to those dealing in precious metals and stones.
London also plays a significant role in antiques, luxury cars, precious metals and gemstones, says OFSI.
More than 36,000 prestigious cars from producers such as Aston Martin, Ferrari, Rolls-Royce, Jaguar Land Rover, Lamborghini, Maserati and Bugatti were registered at UK addresses in 2022.
OFSI has recommended that art market participants and high-end dealers introduce compliance regimes and protect whistle-blowing employees who disclose illicit activity.
The body has powers to impose fines of up to £1 million or 50 per cent of the total value of the sanctions breach, whichever is higher. Breaches of financial sanctions are considered a serious criminal offence punishable by up to seven years in prison.
But Ms Hellweger said it remains to be seen if the UK will match the new regulations with proper enforcement, which she said “is still lacking”.
“It’s also acknowledged that the art market is prone to money laundering and also sanctions evasion perspective but we will see how the enforcement lies,” she said.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
England-South Africa Test series
1st Test England win by 211 runs at Lord's, London
2nd Test South Africa win by 340 runs at Trent Bridge, Nottingham
3rd Test July 27-31 at The Oval, London
4th Test August 4-8 at Old Trafford, Manchester
COMPANY%20PROFILE
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
PAKISTAN SQUAD
Abid Ali, Fakhar Zaman, Imam-ul-Haq, Shan Masood, Azhar Ali (test captain), Babar Azam (T20 captain), Asad Shafiq, Fawad Alam, Haider Ali, Iftikhar Ahmad, Khushdil Shah, Mohammad Hafeez, Shoaib Malik, Mohammad Rizwan (wicketkeeper), Sarfaraz Ahmed (wicketkeeper), Faheem Ashraf, Haris Rauf, Imran Khan, Mohammad Abbas, Mohammad Hasnain, Naseem Shah, Shaheen Afridi, Sohail Khan, Usman Shinwari, Wahab Riaz, Imad Wasim, Kashif Bhatti, Shadab Khan and Yasir Shah.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
The past winners
2009 - Sebastian Vettel (Red Bull)
2010 - Sebastian Vettel (Red Bull)
2011 - Lewis Hamilton (McLaren)
2012 - Kimi Raikkonen (Lotus)
2013 - Sebastian Vettel (Red Bull)
2014 - Lewis Hamilton (Mercedes)
2015 - Nico Rosberg (Mercedes)
2016 - Lewis Hamilton (Mercedes)
2017 - Valtteri Bottas (Mercedes)
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Read more about the coronavirus
RESULT
Manchester City 5 Swansea City 0
Man City: D Silva (12'), Sterling (16'), De Bruyne (54' ), B Silva (64' minutes), Jesus (88')
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
Company%20profile
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Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Killing of Qassem Suleimani
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
One-off T20 International: UAE v Australia
When: Monday, October 22, 2pm start
Where: Abu Dhabi Cricket, Oval 1
Tickets: Admission is free
Australia squad: Aaron Finch (captain), Mitch Marsh, Alex Carey, Ashton Agar, Nathan Coulter-Nile, Chris Lynn, Nathan Lyon, Glenn Maxwell, Ben McDermott, Darcy Short, Billy Stanlake, Mitchell Starc, Andrew Tye, Adam Zampa, Peter Siddle
Australia tour of Pakistan
March 4-8: First Test, Rawalpindi
March 12-16: Second Test, Karachi
March 21-25: Third Test, Lahore
March 29: First ODI, Rawalpindi
March 31: Second ODI, Rawalpindi
April 2: Third ODI, Rawalpindi
April 5: T20I, Rawalpindi
The specs: 2018 Renault Megane
Price, base / as tested Dh52,900 / Dh59,200
Engine 1.6L in-line four-cylinder
Transmission Continuously variable transmission
Power 115hp @ 5,500rpm
Torque 156Nm @ 4,000rpm
Fuel economy, combined 6.6L / 100km
AIDA%20RETURNS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAida%20Abboud%2C%20Carol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5.%2F5%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
RESULT
Bayer Leverkusen 2 Bayern Munich 4
Leverkusen: Alario (9'), Wirtz (89')
Bayern: Coman (27'), Goretzka (42'), Gnabry (45'), Lewandowski (66')
UAE currency: the story behind the money in your pockets
