The Ministry of Economy has issued a circular requiring brokers and real estate agents registered and licensed in the UAE, including free trade zones, to keep records and transaction data for a period of not less than five years.
The ministry explained in a statement that its move comes within the framework of the ministry’s oversight and oversight role over the non-financial business sectors and professions specified in line with the anti-money laundering and counter-financing of terrorism laws and laws, in a way that improves the status of the national economy and its positive reputation in various global markets.
She added that this circular complies with the provisions of the Executive Regulations of the Federal Decision Act No. , regulations and forms to confront crime for those who are subject to its control, when necessary.
The Assistant Secretary to the Ministry of Economy for the Monitoring and Follow-up Sector, Abdullah Sultan Al-Fan Al Shamsi, said: “The real estate sector represents one of the most important drivers of economic growth in the country, and according to the results of the National Risk assessment is this essential sector among the high-risk sectors, and therefore the Ministry of Economy was keen to enable the best sound financial practices possible, to avoid financial crimes, to avoid money laundering practices in all its forms in the activities of real estate agents and brokers in the country, and raising their awareness of the importance and correct ways to comply with the legislation and requirements against money laundering, which strengthens the sector’s role in attracting safe and stable investments, and promoting the wheel of sustainable development in the country. And in a way that is in line with the best internationally followed standards issued by the Financial Action Task Force (FATF), and consolidates the UAE’s position as a leading global investment and business destination. “
Launch the application
In turn, director of the department against money laundering at the Ministry of Economy, Safia Al-Safi, said that the circular with the new procedures for the real estate sector will be implemented from this July, as it represents an important axis. for determining the working mechanisms of realtors and real estate agents registered in the country, as it is an essential element to attract investors Real estate and investments from around the world, and regulate the mechanisms of work in the real estate sector, and improve supervision about real estate activities.
She stressed that the ministry’s efforts continue to strengthen the regulatory and legislative frameworks for the money laundering and counter-terrorism system in the country for various sectors, especially business sectors and non-financial professions, in line with international best practices. with its partners at the local and global level.
“Natural” and “Natural”
The new policy indicated that if the buyer or seller is a juristic person, the commercial license, the statute of the juristic person, the register of the real beneficiaries, a copy of the Emirates ID, or a copy of the passport for all involved, or the Emirates ID, or a copy of the passport Travel for all shareholders or partners, but if the buyer or seller is a person or natural persons, a copy of the Emirates ID or a copy of a valid passport is provided.
The circular emphasizes the need to keep records, transactions and related data for a period of not less than 5 years with all licensed registered real estate agents and agents, and the submission of a suspicious activity report is not exempt from the current obligations of real estate agents and brokers who submit the following types of reports to the Financial Information Unit through goAML system, which includes suspicious transaction report, suspicious activity report, fund freeze report, partial name matching report, high risk country report and high risk country activity report.
The circular included a set of procedures that realtors and real estate agents registered and licensed in the state must adhere to when engaging in the activity of buying and selling real estate and real estate, including:
* The obligation of real estate agents and brokers to register and verify identity documents, which is the Emirates ID or a copy of the passport.
* Recording and documentation of information and data related to receipts, contracts and purchase and sale agreements.
* Submit the property transaction report via the digital platform “goAML” of the Financial Information Unit in three cases:
1. In carrying out transactions for the purchase and sale of immovable property, in accordance with the description and determination of the law of each emirate, in the implementation of any physical cash transaction or multiple transactions equal to or greater than the amount of 55 dirhams for all or part of the value of the property.
2. When buying and selling free property transactions, where the payment method is virtual assets for a portion or the entire value of the property.
3. When free property is executed purchase and sale transactions, where the funds used to carry out the transaction were transferred from a virtual asset to cash for a portion or the entire value of the property.
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