On Wednesday, developers in Dubai announced that, to guarantee that no illicit funds enter their projects, they have stringent anti-money laundering and combating financing of terrorism (AMLCFT) procedures in place for investors purchasing real estate in the emirate.
Developers stated in Times that they carry out due diligence on real estate purchasers “not only for the purpose of ensuring that those who invest with them can afford to do so lawfully but also because it is a legal requirement that is strictly enforced by the UAE.
According to a report released on Tuesday, the United Arab Emirates has reportedly provided a safe haven for some of the world’s most wanted criminals, partly because of the secrecy that its real estate sector affords. The UAE official refuted the claim on Wednesday.
The CEO of Samana Developers, Imran Farooq, stated that the UAE’s real estate market is well-regulated and completely compliant with global AML and CFT compliance systems.
Every customer is vetted before being accepted into the business, and we have an AML compliance system in place. There is a Dh55,000 cap on each cash transaction. Specialized software is used by us to maintain control and abide by AML/CFT laws. The software complies fully with FATF standards and is designed with modules that meet the National Risk Assessment & Regulatory Requirements of the United Arab Emirates.
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