Your NWC mag editor noticed that The Sun had reported that WatchTrader & Co in Newcastle on Tyne had been raided by the UK National Crime Agency and watches seized, pending investigations regarding legit ownership. The shop basically acts as a broker on many high end watch sales, selling pre-owned Rolex, Breitling, Hublot, Mille, Patek etc on commission.

The UK is very keen on abolishing cash payments and one of the steps it’s taken already is to make it very difficult for any business to pay over £9600 in cash – for anything. Watches, cars, art, old beach huts in Grimsby, you name it, cash is no longer allowed as payment. Not without a long winded Q&A with banks anyway.

Interestingly when NatWest bank accepted £240 million in cash over 5 years from a scrap gold business, which turned to be a criminal enterprise, it carried on doing so without any questions being asked – guess the NCA didn’t get a tip off on that blag.

The Sun reports that WatchTrader had some 400 watches taken. Owners will have to prove they acquired the watches using traceable cash such as salary, stock dividends, gifts etc. with a paper trail to prove the watches were not acquired as part of money laundering, or crime profits.

NWC has emailed WatchTrader and Co for a response and we will add any official statement if we get it.