To: Real estate brokers and agents licensed in the United Arab Emirates
Subject: Real Estate Activity Report
Following Clause (3) of Article 44 of Cabinet Decision No. 10 Of 2019 Concerning the Executive regulation of Decree-Law No. 20 of 2018 on Anti-Money laundering and combating the financing of terrorism and illegal organizations' and its amendments, which states the following:
"Putting in place the Crime-Combating regulations, instructions and forms for those subject to its supervision, when necessary".
The Ministry of Economy instructs all real estate brokers and agents to undertake the following procedures effective 01 July 2022:
1. Purchase and sale transactions of Freehold real estate, according to the description and determination of the law of each emirate, in carrying out any single physical cash transaction or several transactions equal or exceeding AED 55,000 for the entire, or a portion, of the property value:
a. Obtain and record identification documents (Emirates ID, or Passport copy).
b. Obtain and record receipts, invoices, contracts and Purchase & Sale Agreement.
c. Submit a 'Real Estate Transaction Repor...