Newcastle Watch Shop Money Laundering?
Discussion
https://www.dailymail.co.uk/news/article-11636433/...
Not sure if anyone has used these guys, I’ve not, but may be worth making sure you’ve still got the receipt.
Not sure if anyone has used these guys, I’ve not, but may be worth making sure you’ve still got the receipt.
Interesting- I guess this is how it works?
Buy in Dubai for cash or be given high end watch. Don’t declare it as a gift/ BIK or to customs.
Sell it on consignment, you then have a clean payment from a legit UK firm to your bank account. And if it was disguised salary, no NI/ income tax
So of benefit for both money laundering, and tax evasion.
Buy in Dubai for cash or be given high end watch. Don’t declare it as a gift/ BIK or to customs.
Sell it on consignment, you then have a clean payment from a legit UK firm to your bank account. And if it was disguised salary, no NI/ income tax
So of benefit for both money laundering, and tax evasion.
wisbech said:
Interesting- I guess this is how it works?
Buy in Dubai for cash or be given high end watch. Don’t declare it as a gift/ BIK or to customs.
Sell it on consignment, you then have a clean payment from a legit UK firm to your bank account. And if it was disguised salary, no NI/ income tax
So of benefit for both money laundering, and tax evasion.
How do you get the cash to Dubai?Buy in Dubai for cash or be given high end watch. Don’t declare it as a gift/ BIK or to customs.
Sell it on consignment, you then have a clean payment from a legit UK firm to your bank account. And if it was disguised salary, no NI/ income tax
So of benefit for both money laundering, and tax evasion.
Easier ways to get money out of Dubai if that's the source of the funds...like a bank account.
News story indicates intervention because this shop handles high value goods without any/sufficient AML checks on the sources, thus leaving them vulnerable or complicit to criminals. Matters not whether the consignors acquired their watches from Dubai or Doncaster, or even if duty or VAT has been paid; just checking the seller is someone who can demonstrate legitimate wealth to buy them in the first place. Stopping sale of goods bought with hooky money.
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