UAE to propose a regional fraud study covering real estate

The UAE’s MENAFATF presidency is preparing a proposal to study fraud patterns. Real estate is among the proposed areas; the initiative has not yet been approved.

The UAE intends to propose a regional study of fraud patterns and related money laundering. Hamid Saif Al Zaabi, President of MENAFATF, the Middle East and North Africa Financial Action Task Force, announced the plans on 27 September. The proposal is to be presented at the next plenary meeting in Abu Dhabi.

Real estate is explicitly included among the proposed study areas, alongside investment, banking operations, digital services and virtual assets. The plan envisages countries exchanging case studies, examining criminal methods and creating a shared knowledge base. Particular attention would be given to detecting schemes and recovering criminal proceeds.

The initiative’s status matters: so far, an intention to submit a proposal has been announced. The statement does not confirm adoption, new mandatory procedures for apartment buyers or changes to transaction registration rules. Nor does it give an exact date for the study to begin.

For buyers, the news is relevant as a reminder of the risks involved in transferring large sums and selecting properties remotely. Our practical recommendation is to verify a counterparty’s identity and authority, cross-check property and payment-recipient details, and reconfirm unexpected changes in bank details through a previously verified contact channel.

This is an editorial recommendation, not a set of new MENAFATF requirements. Regional work on risk does not replace checking a specific transaction and does not mean that every offer on the market has already been verified by the state.

What this means for buyers

Verify the counterparty and payment details; the announced initiative does not yet introduce new property purchase rules.