UAE launches new rules for reporting real estate transactions
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The UAE's Ministry of Justice, Ministry of Economy and Financial Intelligence Unit (FIU) made a joint statement on new rules for recording real estate deals in order to counter suspicious activity in financial transactions and financing of terrorism.
The Financial Intelligence Unit (FIU) has a duty to regulate transactions in the following cases:
- Use of cryptocurrency and other virtual currencies;
- Payments in UAE dirhams (Dh) and foreign currencies acquired by digital asset exchange;
- Cash payments for a total amount of 55,000 Dh and more.
Real estate brokers, agents and lawyers are obliged to provide FIU with identification documents of property deal participants in a case when the above state payment methods are used. These rules apply to both individuals and legal entities.
Source: WAM - The Emirates News Agency
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