Ministry of Justice Circular No. (14) of 2022, Concerning the Real Estate Activities Report (REAR)

Effective from 14/6/2022

Pursuant to paragraph (3) of Article (44) of Cabinet Resolution No. (10) of 2019 – and its amendments – concerning the Executive Regulations of Federal Decree Law No. (20) of 2018 Concerning Countering Money Laundering Crimes and Combating Terrorist Financing, and the Financing of Illegitimate Organizations, stating that:

"Formulate necessary policies, procedures and controls to verify that those controlled thereby comply with the Provisions of the Decree-Law, this Resolutions, and any other legislation relevant to crime combating in the State, and request information pertaining to fulfillment of this obligation."

Kindly take notice that a new feature under the title of "Real Estate Activities Report (REAR)" has been added to goAML platform which is considered the unified platform designed to notify about any suspicious transactions' reports (SAR-STR) or High-Risk Countries Reports (HRC-HRCA) or Conformity Reports concerning entities and individuals in relation with local terrorist lists or the Security Council Lists of Penalties (FFR-PNMR).

This new report shall be used, through the goAML platform, in the event a law office has undertaken work for one of its customers on any purchasing or selling transactions of free-hold properties – which are properties that nationals and non-nationals are authorized to own it.

Thus, all law offices must take the following procedures and measures:

1.	In the event the primary payment of the property's value exceeds (55,000) Fifty-Five Thousand Dirhams in cash as an installment or in full value of the property, all law offices must undertake the following:
	a.	Request identification documents (emirates ID or passport).
	b.	Register and record the information and data (receipts, sales and purchase agreement...)
	c.	Raise a Real Estate Activities Report (REAR) through the goAML platform with the documents mentioned above in clauses (a) and (b) attached.
2.	In the event virtual assets were used for the primary payment as an installment or in full value of the property, all law offices must undertake the following:
	a.	Request identification documents (emirates ID or passport).
	b.	Register and record the information and data (receipts, sales and purchase agreement...)
	c.	Raise a Real Estate Activities Report (REAR) through the goAML platform with the documents mentioned above in clauses (a) and (b) attached.
3.	In the event a transfer from a virtual asset to cast occurred for the primary payment as an installment or in full value of the property, all law offices must undertake the following:
	a.	Request identification documents (emirates ID or passport).
	b.	Register and record the information and data (receipts, sales and purchase agreement...)
	c.	Raise a Real Estate Activities Report (REAR) through the goAML platform with the documents mentioned above in clauses (a) and (b) attached.
4.	In the event the buyer or the seller were legal entities, the documents must include the following:
	a.	Commercial License.
	b.	Articles of Association.
	c.	Beneficiaries Registers.
	d.	Emirates ID or Passport of all persons of interest.
	e.	Emirates ID or Passport of all Shareholders/Partners.
5.	Records of the documents and information related to the above referenced transactions shall be retained to for a period of (5) years at least in accordance with the provisions of Article (24) of the aforementioned Cabinet Resolution.