The luxury goods sector has inherent qualities that raise the danger of money laundering and are helpful for various reasons. Items like jewelry, valuable stones, and exquisite art are easily transportable, making them ideal for illicit activity.
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With the UAE possibly facing greylisting by FATF, the country's battle against its largest money-laundering issue - gold smuggling – has resurfaced.
Beyond just purchasing luxury goods with money obtained through crime, it is sometimes neglected how these commodities overlap and even assist financial crime.
Criminals have long bought vehicles (often used cars) with cash as a way to launder illegally gained money.
A discussion on the ongoing problem of art theft and how financial offenders are becoming more inventive in their methods of stealing valuable artwork. It also explores how AML software solutions can be useful in addressing the issue.
High-Value Dealers (HVD) can be a spotting aim of fraudsters and money launderers; therefore, it is vital to employ AML programs to detect those offenders.
Offenders have turned their notice to other markets, such as the precious metals and valuable stone industries, especially the trade in rough diamonds.
Criminals have used especially high prices such as gold in international money laundering since old times.