Why diamond studded Swiss watches and luxury handbags worry AUSTRAC

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.