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Who's laundering in millimeters? 😂
 

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Unless your SA is the owner or manager of the store, bribery won't get you very far since only owners and mangers have the authority to ok sales of a given Rolex.
It is true that managers/owners make the call. However, in AD's that have commission - SA's make a case for their customer. I can promise you on certain models that are sold to customers they are getting paid on the side. Happens all the time.

first time i encountered the strict no discount rule across the entire line was December last year.
I was told no discount on my sub last march. But avoided tax. But got a discount on a DJ36 I think end of last year. Didn't get a discount on a DJ41 (actually didn't bother to ask) earlier this month. So maybe depends on the model?

Good point. I don't know if the ADs actually "buy" the watches, or if they're on consignment.
They buy them.
 

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I wouldn't fixate on money laundering too much here. I used to be in financial services and it's way too nickel-and dime to move money by buying Rolexes and such. Takes too much work to move a relatively small amount of money. Can it be done? Sure if you don't mind the brain damage of mindlessly plowing through a ton of purchases. MUCH easier to buy real estate, mutual funds or things of that nature.
Perhaps the rules are different in the wild West but OEICs and especially property are about the worst things to be buying if you're trying to rinse money. Money laundering happens all over the world, but it's tempting, sitting in New York or another big-money centre, to think that all laundering transactions are measured in telephone numbers. A bulge-bracket M&A banker doesn't get out of bed for less than eleven figures, but there is in fact an entire industry beneath him - literally and figuratively! I'm not saying that all inflated prices are paid only by villains, of course that would be daft, but I know it's trickling down. It absolutely does into the precious metals and jewellery trade - there is no question.

There is a reason why regulators around the world have set the AML cash transaction limit at five figures, not seven - you can't go buying property any more (apart from in Paris of course) to force out the dirt in some quick and easy transactions whilst you plan the next heist. It ever takes harder graft to find ways to wash the cash. As an AML expert, you'll know for example that after decades of being intensely relaxed about the source of money, the UK recently tightened the regs to include reporting of all transactions over €10k, not just hard currency. In 2019 the net was also widened to art and antique dealers across the EU, so there will be no GMT-Masters being sold for forty grand at a London auction house any more! I imagine AML rules are only getting tighter elsewhere too, not looser.
 

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Perhaps the rules are different in the wild West but OEICs and especially property are about the worst things to be buying if you're trying to rinse money.

Tell that to our ex-president...

There is a reason why regulators around the world have set the AML cash transaction limit at five figures, not seven - you can't go buying property any more (apart from in Paris of course) to force out the dirt in some quick and easy transactions whilst you plan the next heist. It ever takes harder graft to find ways to wash the cash. As an AML expert, you'll know for example that after decades of being intensely relaxed about the source of money, the UK recently tightened the regs to include reporting of all transactions over €10k, not just hard currency. In 2019 the net was also widened to art and antique dealers across the EU, so there will be no GMT-Masters being sold for forty grand at a London auction house any more! I imagine AML rules are only getting tighter elsewhere too, not looser.

Absolutely right.
 

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Perhaps the rules are different in the wild West but OEICs and especially property are about the worst things to be buying if you're trying to rinse money. Money laundering happens all over the world, but it's tempting, sitting in New York or another big-money centre, to think that all laundering transactions are measured in telephone numbers. A bulge-bracket M&A banker doesn't get out of bed for less than eleven figures, but there is in fact an entire industry beneath him - literally and figuratively! I'm not saying that all inflated prices are paid only by villains, of course that would be daft, but I know it's trickling down. It absolutely does into the precious metals and jewellery trade - there is no question.

There is a reason why regulators around the world have set the AML cash transaction limit at five figures, not seven - you can't go buying property any more (apart from in Paris of course) to force out the dirt in some quick and easy transactions whilst you plan the next heist. It ever takes harder graft to find ways to wash the cash. As an AML expert, you'll know for example that after decades of being intensely relaxed about the source of money, the UK recently tightened the regs to include reporting of all transactions over €10k, not just hard currency. In 2019 the net was also widened to art and antique dealers across the EU, so there will be no GMT-Masters being sold for forty grand at a London auction house any more! I imagine AML rules are only getting tighter elsewhere too, not looser.
I don't know if you know the answer but what happens when the authorities discover after the fact that a transaction was funded with illicit funds? For example, if someone buys my house with drug money and the govt discovers it six months after the closing, what happens to the money and the transaction? How can the egg be "unscrambled?"
 

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Perhaps the rules are different in the wild West but OEICs and especially property are about the worst things to be buying if you're trying to rinse money. Money laundering happens all over the world, but it's tempting, sitting in New York or another big-money centre, to think that all laundering transactions are measured in telephone numbers. A bulge-bracket M&A banker doesn't get out of bed for less than eleven figures, but there is in fact an entire industry beneath him - literally and figuratively! I'm not saying that all inflated prices are paid only by villains, of course that would be daft, but I know it's trickling down. It absolutely does into the precious metals and jewellery trade - there is no question.

There is a reason why regulators around the world have set the AML cash transaction limit at five figures, not seven - you can't go buying property any more (apart from in Paris of course) to force out the dirt in some quick and easy transactions whilst you plan the next heist. It ever takes harder graft to find ways to wash the cash. As an AML expert, you'll know for example that after decades of being intensely relaxed about the source of money, the UK recently tightened the regs to include reporting of all transactions over €10k, not just hard currency. In 2019 the net was also widened to art and antique dealers across the EU, so there will be no GMT-Masters being sold for forty grand at a London auction house any more! I imagine AML rules are only getting tighter elsewhere too, not looser.
Very true. Cayman Islands have enacted some strong AML requirements as well. Our PE funds are dealing with it now.
 
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