This company provides regulatory/compliance services in the UAE, headquartered in Dubai.
From AML-UAE:
The Threat of Luxury Watches in Financial Crimes: A Growing Concern
Luxury goods like gold jewellery, precious gems and stones, high-end watches, art and antiques, boats and yachts, and luxury cars pose a significant threat of money laundering and terrorist financing. The ownership of such goods is a status symbol in society.
Owners of these high-priced items take pride in their ownership and use them to show off their wealth. But, one more thing is common between them. These have also become the preferred vehicles for money laundering. This article will discuss the threat of luxury watches in financial crimes.
Criminals often target the luxury goods market. Luxury watches are the latest victim of money laundering activities. There is a growing threat of high-end watches in financial crimes because of their inherent traits. Not only high-end watches but bulk purchases of watches are also common money laundering transactions.
So, luxury watch sellers and buyers must be careful about their transactions. Sellers must develop policies to check customers’ identities and report suspicious activities to avoid financial crimes.
Let’s understand what characteristics of luxury watches make them highly vulnerable to financial crimes. We also see the ways criminals use luxury watches in money laundering activities. Finally, we explore various AML measures to help spot and reduce suspicious transactions.
Money launderers use luxury watches in financial crimes, such as money laundering, bribery, fraud, drug trafficking, and tax evasion. The following are the characteristics of luxury watches that make them susceptible to money laundering:
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Previously:
Laundering Money Using Luxury Watches Seems Quite Popular (plus the New York - Florida nexus)
