UAE Ministry of Economy Opens Office in Metaverse
1 october, 2022
The Ministry of Economy (MoE) and Ministry of Justice (MoJ), in partnership with the UAE Financial Intelligence Unit (FIU), have announced new reporting requirements for real estate transactions involving digital assets and cash to combat money laundering.
All real estate agents, brokers and law firms will be required to report transactions that fall under one of the following criteria to the FIU:
The reporting mechanism requires obtaining and recording the identification documents of the parties to the relevant transaction. The rules apply to both individuals and corporate entities.
The UAE was one of the first countries to implement such a mechanism for real estate transactions involving virtual assets. The country actively combats money laundering and terrorist financing. Ali Faisal Ba'Alawi, Head of the UAE FIU, said:
These new measures will improve the quality of financial intelligence available to the FIU and will be used to trace the suspicious movement of funds or investments as part of our fight against money laundering and terrorism financing. Importantly, the requirements further strengthen the stability and integrity of the UAE’s real estate sector and provides all stakeholders with greater transparency in a sector that is a key contributor to the UAE’s economy.
The decision comes amid the emergence of the opportunity to buy real estate for digital assets. In April, Dubai's leading real estate developer DAMAC Properties announced that it would facilitate the sale of property to Bitcoin and Ethereum holders.
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