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Spotlight | France
France bids to clean up watch trade in anti-laundering battle

To launder their profits and transport them from one country to another, criminal networks are increasingly turning to luxury watches. © Studio Pachamama

As criminal networks increasingly turn to luxury watches to launder and transfer illicit money, the French finance ministry, after having tried to work together with retailers, is now taking a hard line and has handed out its first fines. [...]

Published on 18/07/2024 at 06:00 GMT Reading time 3 minutes

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Entourage

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Agrasc
Antiquorum
Commission nationale des sanctions
DGCCRF
Geoffroy Ader
Guilhem & Fils
Lombard
Rolex
Romain Réa
Sotheby's
Tajan
Tracfin

Spotlight | Switzerland
Rolex's reluctance to certify its watches worries auction houses and buyers

With Rolex and other leading Swiss watchmakers unwilling to confirm the authenticity of their vintage models, major auction houses like Christie's and Sotheby's are increasingly concerned. They fear ending up in the firing line if they fail to spot a fake.

Subscribers only Houses 05.12.2024

Rolex is very cautious when it comes to certifying the authenticity of its vintage models.

Switzerland
Paris court case reveals Piaget's exacting demands on sales staff

A court case in Paris has revealed the highly demanding performance targets the Richemont group jeweller Piaget imposes on its sales staff, who can be sacked if they fail to meet them.

Subscribers only Houses 31.10.2024

Front Row | Singapore
The Ong family, Singapore's media-shy luxury magnates

Tycoon Ong Beng Seng is currently fighting corruption charges in Singapore and has already had a brush with the law in the Maldives, where he owns several of the finest hotels. His wife Christina Ong works in the luxury hotel business, too, and runs the Singapore franchises of numerous brands.

Subscribers only Families 10.10.2024

Singaporean billionaire Ong Beng Seng (right) and his wife Christina Ong.

France
Élysée Palace partnership prompts Enowe to spread its luxury wings

The investment fund last year won the approval of the office of France's president for one of its holdings, the top-flight watchmaker Pequignet. Buoyed by the kudos, the family office now plans to expand its portfolio of luxury brands.

Subscribers only Houses 12.09.2024

Spotlight | France
Money laundering: French finance ministry puts luxury sector under surveillance

After focusing first on the watch trade, French authorities are now cracking down on the luxury sector as a whole. They are taking aim at everything from jewellery to leather and second-hand goods, with in-depth investigations and heavy sanctions.

Subscribers only Entourage 12.09.2024

France's consumer affairs and fraud watchdog, the DGCCRF, conducted a survey of the luxury goods sector between October 2022 and June 2023.

Spotlight | United States
LVMH's mystery projects on Rodeo Drive

A year after the French luxury giant was forced to abandon plans for a Cheval Blanc hotel in Beverly Hills, LVMH has launched a new project, behind the facade of a holding company, to renovate the historic Luxe Rodeo Drive Hotel's former premises.

Subscribers only Houses 02.05.2024

The former Luxe Rodeo Drive Hotel is to become a gigantic Louis Vuitton shop.

Switzerland
Secretive foundation that owns Rolex completes board reshuffle

The Hans Wilsdorf Foundation, Rolex's sole shareholder, has overhauled its board of directors in recent months. The shake-up, begun last year, aimed to create a younger board with greater diversity.

Subscribers only Houses 29.02.2024

France, Switzerland
French competition authority exposes Rolex's 'mystery shoppers'

As part of a lengthy investigation into how Rolex monitors its French retailers and forbids them from selling online, France's competition watchdog has revealed details about the watchmaker's use of fake clients to ensure its price recommendations are respected.

Subscribers only Houses 21.12.2023

Spotlight | Singapore
Richard Mille's Singapore expansion rattled by money-laundering scandal

Luxury watch manufacturer Richard Mille has just opened a lavish second boutique in Singapore, a key stronghold for the brand. Meanwhile, the group's pricey watches are at the centre of a money-laundering scandal that is rocking the city-state.

Free access Entourage 12.10.2023

Richard Mille watches are at the heart of a money-laundering case in Singapore.

China, France
Laundering through luxury: French authorities fear revival of 'daigou' technique as Chinese tourists return

The networks involved in a sophisticated laundering technique that relies on artificially VAT-free luxury purchases made in Europe and resold in China lay dormant during the Covid-19 pandemic. But they may soon spring back to life as EU borders reopen to Chinese tourists.

Subscribers only Entourage 16.02.2023

France
Rolex, Patek and Audemars: the laundering investigations alarming vintage watch dealers

An ongoing judicial investigation for "money laundering" targeting several figures in the Corsican crime world is taking a closer look at the purchase of watches from several of Paris's specialised shops.

Subscribers only Entourage 27.10.2022

Several figures in the Corsican crime world are the subject of a judicial investigation concerning, in particular, exchanges of luxury watches.

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Agrasc
Antiquorum
Commission nationale des sanctions
DGCCRF
Geoffroy Ader
Guilhem & Fils
Lombard
Rolex
Romain Réa
Sotheby's
Tajan
Tracfin

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Spotlight | France
France bids to clean up watch trade in anti-laundering battle

This article may be accessed by subscribers

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Set up email notifications for these topics

Spotlight | Switzerland
Rolex's reluctance to certify its watches worries auction houses and buyers

Switzerland
Paris court case reveals Piaget's exacting demands on sales staff

Front Row | Singapore
The Ong family, Singapore's media-shy luxury magnates

France
Élysée Palace partnership prompts Enowe to spread its luxury wings

Spotlight | France
Money laundering: French finance ministry puts luxury sector under surveillance

Spotlight | United States
LVMH's mystery projects on Rodeo Drive

Switzerland
Secretive foundation that owns Rolex completes board reshuffle

France, Switzerland
French competition authority exposes Rolex's 'mystery shoppers'

Spotlight | Singapore
Richard Mille's Singapore expansion rattled by money-laundering scandal

China, France
Laundering through luxury: French authorities fear revival of 'daigou' technique as Chinese tourists return

France
Rolex, Patek and Audemars: the laundering investigations alarming vintage watch dealers

Set up email notifications for these topics

About Glitz.paris

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Indigo Publications' websites

About Glitz.paris

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Indigo Publications' websites

The geopolitics of fake goods

Jewellery sector's quest for clarity

The battle of the Bulgari heiresses

Spotlight | France France bids to clean up watch trade in anti-laundering battle

This article may be accessed by subscribers

Do you want a free trial before subscribing?

Create your free account

create a free account

Set up email notifications for these topics

Spotlight | Switzerland Rolex's reluctance to certify its watches worries auction houses and buyers

Switzerland Paris court case reveals Piaget's exacting demands on sales staff

Front Row | Singapore The Ong family, Singapore's media-shy luxury magnates

France Élysée Palace partnership prompts Enowe to spread its luxury wings

Spotlight | France Money laundering: French finance ministry puts luxury sector under surveillance

Spotlight | United States LVMH's mystery projects on Rodeo Drive

Switzerland Secretive foundation that owns Rolex completes board reshuffle

France, Switzerland French competition authority exposes Rolex's 'mystery shoppers'

Spotlight | Singapore Richard Mille's Singapore expansion rattled by money-laundering scandal

China, France Laundering through luxury: French authorities fear revival of 'daigou' technique as Chinese tourists return

France Rolex, Patek and Audemars: the laundering investigations alarming vintage watch dealers

Set up email notifications for these topics

About Glitz.paris

Subscription

Glitz.paris on social media

Indigo Publications' websites

Spotlight | France
France bids to clean up watch trade in anti-laundering battle

Spotlight | Switzerland
Rolex's reluctance to certify its watches worries auction houses and buyers

Switzerland
Paris court case reveals Piaget's exacting demands on sales staff

Front Row | Singapore
The Ong family, Singapore's media-shy luxury magnates

France
Élysée Palace partnership prompts Enowe to spread its luxury wings

Spotlight | France
Money laundering: French finance ministry puts luxury sector under surveillance

Spotlight | United States
LVMH's mystery projects on Rodeo Drive

Switzerland
Secretive foundation that owns Rolex completes board reshuffle

France, Switzerland
French competition authority exposes Rolex's 'mystery shoppers'

Spotlight | Singapore
Richard Mille's Singapore expansion rattled by money-laundering scandal

China, France
Laundering through luxury: French authorities fear revival of 'daigou' technique as Chinese tourists return

France
Rolex, Patek and Audemars: the laundering investigations alarming vintage watch dealers