Up to date new requirements of UAE real estate regarding payment. See how to use virtual assets and cash for purchasing. It is UAE Financial Intelligence Units report and explanation how it is going. Let’s check it out in our article.
According to the report of the UAE Financial Intelligence Units (FIU). There is the rule to follow it, when transact and purchase freehold real estate projects.
The payment method include:
- Cash payments that are equal to or more than AED 55,000
- Virtual Assets such as bitcoin
- Those transactions in which the funds used are based on virtual assets.
Abdullah Sultan Bin Awwad Al Nuaimi said that
The introduction of reporting rules for certain real estate transactions can be another example. Then, there show how the UAE is connecting across the government and the private sector. There is for enhance the national framework for anti-money laundering and counter-terrorism financing.
According to Dubai Housing, the head of FIU also mentioned virtual assets that are used directly as well as funds derived from a virtual asset. As part of the fight against money laundering and terrorism financing. The reports will be used to track down suspicious movements of financing or investments.
He talked about how the new requirements are efficient along with the ability to improve the FIU’s access to high-quality financial intelligence.
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