dubai Financial Intelligence clamp down on crypto real estate money launderingDubai has seen a lot of money laundering cases in recent years. The government has taken steps to combat this and make it more difficult for criminals to transfer money into the country. They have also launched an anti-money laundering task force to investigate these cases and bring them to justice.
Money laundering is when someone takes dirty money earned from illegal activities like drug trafficking, fraud, or human trafficking and tries to make it look clean so that they can spend it without drawing suspicion. It’s one of the most common crimes in Dubai but also one of the hardest to detect.
There are several ways that people try to launder money in Dubai, including:
- Buying real estate
- Buying expensive cars
- Using fraudulent documents or visas
- Investing in businesses
Dubai brokers, agents and law firms to apply reports and send it to Dubai Intelligence Unit, which is act for tracking dirty money, and would also apply when the buyer try to pay in cash worth over AED 55,000 (around $15,000). The government did not specify any threshold for virtual assets, implying even the smallest bitcoin blockchain transactions will be detected .
Dubai's property market has been booming in recent years and this has made it an attractive place to invest in real estate. The increased demand has driven up prices, making it easier to launder money through this type of investment.