UAE Now Requires Agents to Report Real Estate Transactions Where Virtual Currency Is Used as Payment

The United Arab Emirates (UAE) government has said it is introducing new reporting requirements for real estate transactions wherein virtual currency is used as a payment method. With the introduction of these new reporting requirements, the UAE is showcasing its “sustainable and evolving approach to the global fight against money laundering and terrorist financing.” As per a report published by WAM, the decision to alter reporting requirements followed several meetings and discussions which were held by the UAE’s Ministries of Economy, Justice, and the Financial Intelligence Unit (FIU). The discussions were centered on how real estate agents, brokers, and law firms should file reports of property purchases or sales to the FIU.