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This is happening in Switzerland, where the Swiss are more and more having to deal with the French "hoods" ("racailles" in french) coming from around Lyon.

There are quite a lot of them too around Nice so i'd be curious to know why they don't go there.

Practically speaking, there are not many routes in and out of Monaco, and they are usually very congested. Combined with surveillance, the chance of 'petty' criminals actually being able to pull this off is effectively zero.

It’s already well-known, and there are one of the worst criminal-burbs of France in Nice. That said, I’m always surprised how criminality doesn’t travel much.

Have there been any great heist films set in Monaco ?

You mean other than To Catch a Thief with Cary Grant and Grace Kelly, considered among the best films of both Hitchcock's oeuvre and the 1950s?

> raid for some expensive watches

Indeed, this is quite common in south of France. I'd suspect that Monaco has much higher police presence.

They have a famously known video surveillance system.