No identity safety deposit box

Formation

I was reading about a private company which was robbed a couple of days ago in Las Vegas.

They offered safety deposit boxes where you didn't give any of your details.

You gained access by retina scan and held the only keys to your box.

Would there be a demand for this service in Ireland and what would be the legal aspects to prevent it as people could evade tax and hide stolen goods, ect?

BuffyBot

Moving this as it's not about an exisiting product in the market - as such it falls outside the remit if the Banking & Insurance & Pensions forum. Some budding business minds might have feedback for you, however.

Jet Black

Is there even any regular safety deposit boxes in Ireland anymore?

Would you really want to be doing business with someone that needs this sort of anonymity?
Every criminal, politician and tax evader would be able to hide their illegal gains.

Have you got a link to the article? I'm wondering if the contents were inspected and who will be paying for the losses.

The Apprentice

Jet Black wrote: »

Is there even any regular safety deposit boxes in Ireland anymore?

Would you really want to be doing business with someone that needs this sort of anonymity?
Every criminal, politician and tax evader would be able to hide their illegal gains.

Have you got a link to the article? I'm wondering if the contents were inspected and who will be paying for the losses.

In a capitollist society in a word yes.. you would be rich beyond your wildest dreams. !!

Formation

On the mobile, cant link.

Google 24/7 private vaults.

RATM

Check out the money laundering act with a very good solicitor before going any further on this. If you are seen to be assisting / facilitating money laundering by implementing an ask no questions, hear no lies policy then you might be in breach of the law.

Also what about insurance ? IF someone puts a €50,000 piece of art in your vault are they insured for the whole amount for fire & theft ? If not then it isn't likely people would use such a facility.

The Apprentice

Well RATM you have to look at it from the other side of the world ..

Its used in vegas, where people need access to large amounts of cash without any questions, ie.. pro gamblers

In ireland i could see sean quinn taking a locker with bertie ahearn and the boys..
Also i could see small time criminals using it for storing large amounts of cash and other "stuff"
I could also see small time tax evaders using it, to "HIDE" those beautiful paintings, jewellery from the Revenue .

I can really see a market for this if it was done right, but indeed if you have a moral obligation from making money from the proceeds of crime this may not be the business for you..

Then again - the majority of people have bought some stolen goods in some way shape or form whether it be cheap smokes, knock off gucci clothes or glasses on holidays and its whether they will accept what im saying to some degree is another thing. Crime is crime..

arctictree

See what happened in the UK:

http://www.thesun.co.uk/sol/homepage/news/justice/1239179/Police-raid-safety-deposit-boxes-in-London-for-illegal-cash-as-part-of-money-laundering-investigation-called-Operation-Rize.html

Formation

That is disgraceful, people cant rent a private storage without the government coming in to see what they can get.

arctictree

Yes, I remember seeing a programme about it on TV. A lot of innocent people had their boxes taken by the police...

DiamondGuy

I'm sure all innocent box holders had their belongings returned. Sounds like the owner of the facility was known to the authorities!