In order to make sure that no illicit money enters their projects, developers in Dubai announced on Wednesday that they have extremely strict anti-money laundering and combating financing of terrorism (AMLCFT) procedures in place for investors purchasing real estate in the emirate.
Developers told News-Times that due diligence is a legal requirement that the UAE strictly enforces, but they also do it for their own safety and to ensure that people who invest with them can afford to do so legally.
A report purportedly stated on Tuesday that the UAE has ” served as a safe haven for some of the world’s most wanted criminals” because of the secrecy its real estate sector affords. On Wednesday, the UAE official denied the assertion.
According to Samana Developers CEO Imran Farooq, the UAE’s real estate market is well-regulated and fully compliant with global AML and CFT regulations.
“We’ve put in place an AML compliance system, and each new customer undergoes verification before being accepted. A maximum of Dh55,000 can be paid in cash per transaction. To maintain control and adhere to AML/CFT regulations, we use specialised software. The programme complies fully with FATF standards and was developed with modules that meet UAE’s National Risk Assessment & Regulatory Requirements.
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