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01 October 2016
Jeddah - Annulled instruments of total land areas amounted to about 108.7 million square meters in a number of regions of Saudi Arabia during the first half of this year, an official at the Ministry of Justice told local media.
Saudi Ministry of Justice Spokesman Mansour Al-Qufari said the ministry, represented at the General Administration of Supervision and Inspection, is currently working on the launch of an electronic program for studying the registered funds in real estate instruments in order to investigate suspect funds and ensure legitimacy.
“The ministry is still working at a vigorous pace for the application of standards of the Financial Action Task Force on Money Laundering,” he added.
Al-Qufari said that there are a number of committees that were formed under ministerial decisions at a number of notary publics. These committees are in charge of screening instruments whose size begins at 10,000 square meters and above.
He indicated that “The ministry is keen on checking instruments to be implemented through unified standards among notary publics, and that the checking commission is not a central one, as well as taking into account the speed of emptying properties and conducting operations on the instruments.”
He pointed out that the ministry stressed to the notary publics not to sell any real estate except by an entirely covered check from local banks in order to maintain the economic level, as well as the security level.
“The mechanism adopted by the ministry will protect the real estate market from any shame sale. It also protects against inflation,” he explained.
He pointed out that at the criminal level, bank checks or deposits in banks protect property owners from falling into the money laundering offenses, in addition to the direct relationship between the Justice and the Interior Ministries.
Jeddah - Annulled instruments of total land areas amounted to about 108.7 million square meters in a number of regions of Saudi Arabia during the first half of this year, an official at the Ministry of Justice told local media.
Saudi Ministry of Justice Spokesman Mansour Al-Qufari said the ministry, represented at the General Administration of Supervision and Inspection, is currently working on the launch of an electronic program for studying the registered funds in real estate instruments in order to investigate suspect funds and ensure legitimacy.
“The ministry is still working at a vigorous pace for the application of standards of the Financial Action Task Force on Money Laundering,” he added.
Al-Qufari said that there are a number of committees that were formed under ministerial decisions at a number of notary publics. These committees are in charge of screening instruments whose size begins at 10,000 square meters and above.
He indicated that “The ministry is keen on checking instruments to be implemented through unified standards among notary publics, and that the checking commission is not a central one, as well as taking into account the speed of emptying properties and conducting operations on the instruments.”
He pointed out that the ministry stressed to the notary publics not to sell any real estate except by an entirely covered check from local banks in order to maintain the economic level, as well as the security level.
“The mechanism adopted by the ministry will protect the real estate market from any shame sale. It also protects against inflation,” he explained.
He pointed out that at the criminal level, bank checks or deposits in banks protect property owners from falling into the money laundering offenses, in addition to the direct relationship between the Justice and the Interior Ministries.
© Arab News 2016
