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Money laundering and luxury goods: Serious failings present a compliance risk - VinciWorks
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Money laundering and luxury goods: Serious failings present a compliance risk - VinciWorks
Luxury goods have long been attractive to money launderers. They are expensive, portable, easy to resell, and often traded in markets where discretion is part of the customer experience. A Birken bag, Rolex watch, De Beers diamond, a Picasso artwork or a classic car can become a compact store of value, converting criminal cash into an asset that can be moved, exported, resold or used to project legitimate wealth. That risk was brought sharply in…
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