Выдача займов под залог картин и скульптур XIX-XXI веков

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Art & Law. Request to the wealth of unknown origin
ARTinvestment.RU   27 февраля 2020

Quick legal reference for the traces of Russian and European news, the results of which can have legal consequences for collectors

the Creation of the collection — is an exciting, emotional and often costly. However, the cost of the artwork reflects the market situation: it often happens that in such transactions there is a speculative premium. High prices attract media attention to the person of the collector, and their next question concerns him and the origin of funds. For example, in the Russian media widely covered the question of formation and subsequent confiscation by law enforcement of the collection of the former Minister of Finance of Moscow region Alexey Kuznetsov which, as pointed out sources of information, could give a million dollars for the painting, the market price of which was not more than $100 thousand Information about the collection became available in the framework of the criminal case in which Mr. Kuznetsov was charged with fraud, money laundering, embezzlement. As a result, the paintings from the collection confiscated and handed over to the Museum "New Jerusalem". At the exhibition, "Color. 90 masterpieces of the Moscow region", which runs until March 29, 2020, the work, the authenticity of which was confirmed by the experts in relation to other works, the examination continues and will last until the end of the year.

This case is one of the most significant in the Russian law enforcement practice in respect of vested public function individuals, to the income which may be questions, including about the validity of their origin. It is worth noting that in Russia the confiscation of what-либо of assets is possible through administrative or criminal cases. In the good old UK went on.

We have mentioned that in may 2018 the legislative bodies of the European Union adopted a Directive on combating money-laundering (5AMLD), which integrated intermediaries art-рынка and the art market in the list of regulated industries along with financial institutions, banks for the purposes of the application and implementation of measures to verify customers and the origin of funds. In January of the same year the UK under the new legislation pursuant to Law the proceeds of crime 2002 (Proceeds of Crime Act 2002, then — Law) has introduced the Institute of "Judicial inquiry into the wealth of obscure origin" (in English — Unexplained Wealth Order). A subpoena may be initiated outside of a-либо civil or criminal case. In parallel with the request procedure of freezing funds in Bank accounts, facilities, personal property, precious stones, metals, etc., which again require only reasonable suspicion.

Judicial inquiry into the wealth of obscure origin is issued on the initiative of the competent authorities concerning natural and legal persons, trusts, i.e. which recipients have assets in excess of £ 50,000 and in respect of whom there are reasonable grounds to believe that their income have a connection with criminal activity, that is, the value of their assets significantly exceed legitimate income. The high court must also ensure that (a) the recipient is a foreign politically exposed person, or (b) there are reasonable grounds to suspect that the recipient or a related person involved or have been involved in a seriouscrime. Politically exposed persons — are individuals vested with a public function, such as Ministers and deputies, members of their families, business-партнеры and other related persons.

Such requests — is more civil measures, rather than criminal. This can be the query in respect of any property, including real estate, securities, cash, etc. the nature of your request simple — requirement to explain the origin of their capital assets. Can be queried for information about the nature and extent of the right of ownership, of control of the asset, about the origin of that or other property in; if the query sent to the trust, you may need to explain the details of the institutions and the trust of ownership and to provide any other information in respect of the property, which will be specified in the request.

Right not to testify against themselves and their loved ones is not the basis for refusal in providing information in response to the request. However, the Law has the caveat that the information provided in response to the request, may not be used "in evidence against that person in the case of a criminal case" — at the discretion of the court. A small consolation, you will agree. Serious penalties, including subsequent confiscation of property in civil proceedings, expect those who provide false or misleading information or refuses to give any-либо explanation.

In may 2018 with respect to Luke, Vlad Filat, Moldovan son of a politically important person made the decision to freeze, and subsequently, the confiscation of 466 thousand pounds. In 2018 initiated a subpoena against MS Hajiyeva, wife of the former President of the International Bank of Azerbaijan. Now she is contesting the seizure of her assets. Interestingly, the confiscated property goes to the British Treasury, and not to the Treasury of the country where, supposedly, the crime was committed, resulting in unjustified wealth.

the Court requests the wealth of unknown origin, in fact, arise in respect of the lifestyle that seem competent authorities are not comparable with the known, the official income of a certain person. Given the restoration of Russian art market in London and made by our fellow high-profile acquisitions on the auction, maybe sooner or later British colleagues will again turn their attention to the art market.

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