UAE introduces new rules for reporting real estate transactions to counter money laundering.

The UAE has introduced new reporting requirements for "certain real estate transactions" conducted in the country in a bid to combat money laundering and terrorist financing. Under the latest guidelines, all real estate agents, brokers and law firms are required to submit reports to the Financial Intelligence Unit on transactions involving the purchase and sale of possessions involving three payment methods, regardless of how much or all of the property's value is paid for. These include single or multiple cash payments of 55,000 dirhams ($14,976) or more, payments using virtual assets, and payments made using a virtual asset as part of a transaction, reports''Real estate is one of the key sectors for investment and an important foundation stone for the country's economic development,' said Abdullah bin Tawk, Minister of Economy. "Therefore ...

The new requirements, which apply to both the real estate and legal sectors, aim to "ensure the development of a regulatory framework with little or no scope for manipulation or illegal practices that could adversely affect the working environment and the economy and investment in these sectors," said Mr. bin Touq.

The UAE has strict''the boost created by Expo 2020 Dubai.

The total value of real estate transactions in Dubai more than doubled last year and broke a 12-year record in terms of number of sales, driven by demand in the secondary real estate market, according to real estate portal Property Finder.