The UAE has lately received plaudits from an international organization that fights money laundering for taking its responsibility to safeguard the integrity of the global financial system "extremely seriously."
The assertion that the UAE has “served as a safe haven for some of the world’s most wanted criminals, due in part to the secrecy its real estate sector affords” was refuted by an official on Wednesday, emphasizing this point.
The source highlighted that the UAE has made success in pursuing those who are considered global criminals, saying that "the Financial Action Taskforce (FATF), the global standard-setter for measures to fight money laundering, praised the UAE's significant progress in February of this year."
In a previous interview with Khaleej Times, banking and financial experts stated that the UAE's removal from the FATF's grey list "reflects the country's commitment to fighting financial crime and sanctions evasion and is a big boost to its financial system."
"Reporters have identified scores of alleged criminals, individuals facing sanctions, and political figures accused of corruption who have owned property there," according to the report, which was released by the Organized Crime and Corruption Reporting Project on Tuesday.
"The (government) takes its role in protecting the integrity of the global financial system extremely seriously," the UAE official reaffirmed.
"The UAE works closely with international partners to disrupt and deter all forms of illicit finance as part of its ongoing pursuit of global criminals." More than ever, both now and in the future, the UAE is dedicated to carrying out these initiatives.
Meanwhile, a developer in Dubai told Khaleej Times that they search potential tenants "not only for their own safety, to make sure those who invest with them can afford to do so legally, but also because it is a legal requirement that is strictly enforced by the UAE."
"First, when a buyer signs the offer to purchase (OTP), he/she has to provide all of his/her documents, including their passport copies and Emirates ID, if applicable," said Farhad Azizi, CEO of Azizi Developments. We closely scrutinize the buyer's identification, financial situation, and deposit payment history.
There must be complete assurance of the monies' validity. "In order for us to receive payment, it must first clear through one of the financial institutions in the UAE. We won't receive it in our escrow accounts and can move forward with the property deal until it passes their compliance, said Azizi.
At a cost of Dh5.5 billion, Azizi Developments is presently constructing the second-tallest tower in Dubai, complete with a vertical mall and hotel, with an expected completion date of 2028. Additionally, the private developer based in Dubai is building about 40,000 units that are scheduled for completion by 2027.
