Steps needed to keep real estate away from illegal money

Muscat: The Oman Chamber of Commerce and Industry (OCCI) stressed the importance of legislation to regulate real estate investment is not from funds generated by money laundering.

Eng. Redha bin Juma al Saleh, the chairman, of OCCI, said that the real estate sector is generally used to legitimize the funds from money laundering or any illegal source, which can have negative repercussions and threaten economies.

Al Saleh said that the real estate sector is a promising sector for investors and many countries grant residence permits or visas to investors.

Salim bin Hassan al Balushi, Assistant Director-General for Real Estate Development cooperation with the National Committee to Combat Money Laundering and Terrorism Financing, to issue guidelines to regulate the work of brokerage firms’ offices.