UAE central bank focuses on real estate in anti-money laundering efforts - Reuters:
The United Arab Emirates Central Bank is focusing on the real estate sector as part of its work to combat money laundering in the country, an official said on Sunday.
The UAE has been tightening its financial regulations to fight the perception among some foreign investors that it is a hot spot for illicit funds due to its free trade zones and geographic proximity to Iran.
On Sunday, the Central Bank said it will use a new anti-money laundering reporting platform starting from the end of June to identify illicit transactions more effectively.
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