UAE launches new rules for reporting real estate transactions

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:

1. Use of cryptocurrency and other virtual currencies;
2. Payments in UAE dirhams (Dh) and foreign currencies acquired by digital asset exchange;
3. 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