The real estate industry is a market where consultancies and every service provider should be on the lookout for any money laundering activity. But why is money laundering associated with the real estate industry?
Money or assets that are illegal can be transferred into real estate property as investments that can sit and generate legitimate money. Criminals who earn money via illegal activity buy property with intentions to keep the ‘money’ out of the sight of authorities. These illegal assets can generate legal money via appreciation, renting or reselling afterwards. Some criminals would invest in other countries to avoid asset-seizure as well as to disrupt investigations that might be onto them in another country.
The UAE has identified and understood these criminal activities that are more often in the real estate industry rather than the others. As a premier nation that holds high standards of security and transparency, the government has made sure that the real estate services that are provided under their legislature acts to weed out any ‘illegal money’ from the property market.
Every consultancy and agent who is licensed in Dubai has to go through an AML training and are informed how to qualify their clients. Knowing every client in terms of how their funds origin as well as their background is trained within their companies in collaboration with government entities to operate in Unison. While money laundering is not tolerated in Dubai, there are fines and repercussions to any consultant who is found assisting these types of activity in the market.
ANAROCK Middle East doesn’t only work tirelessly to buy, sell and manage properties for our clients, we make sure that your transactions and properties are free from any illegal association. We hold ourselves to high standards when training our consultants and carrying out due diligence in qualifying people that we engage in business with. This way, you are ensured that we offer not only quality and fast services but also making sure that the transaction is legal and safe.
Contact us for any real estate requirements or visit us at our offices to have a chat with our team. Get yourself the most efficient real estate services in Dubai with sound AML practices.