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Why diamond studded Swiss watches and luxury handbags worry AUSTRAC

Ronald Mizen
Ronald MizenSenior reporter

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Criminals using diamond studded watches, designer handbags, and high-end jewellery to launder their ill-gotten gains have been flagged as a “very high” risk by the financial crimes watchdog.

On Tuesday AUSTRAC chief executive Brendan Thomas revealed luxury goods, along with cash and real estate, had received the highest risk rating from authorities because they were “highly effective” for laundering money.

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Ronald Mizen reports on politics, economics, business and the law, with a focus on corporate regulators, lobbyists and investigations from Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com

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    Original URL: https://www.afr.com/politics/federal/why-diamond-studded-swiss-watches-and-birkin-bags-worry-austrac-20240709-p5js4f