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Soon.. Transferring real estate ownership electronically
The first 10/23/2023
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Baghdad: Rula Wathiq
The Ministry of Justice intends to begin executive procedures to transfer real estate ownership electronically to eliminate cases of extortion, forgery, and counterfeiting.
The Ministry’s official spokesman, Kamel Amin, told “Al-Sabah”: The Ministry has created the Reporting Division to work with the Money Laundering and Terrorist Financing Department, noting that there are instructions consisting of 12 articles related to “due diligence” and identifying properties whose value exceeds 500 million dinars, as A mechanism will be adopted to verify the source of these funds.
He pointed out that one of these mechanisms is that the Real Estate Registration Department does not carry out the sale or transfer process except after obtaining approval from the banks, and through the buyer and seller depositing the amounts in an approved official bank account, whether governmental or private, adding that the source of the funds will be verified after that. This department, which is affiliated with the Central Bank, allows the completion of the procedures for opening the statement and transferring ownership, to transfer funds automatically between the seller and the buyer.
Amin confirmed that the first model will be applied in the Karkh Real Estate Registration Department, especially in the Al-Mansour neighborhood, which is characterized by the high price of its properties, explaining that the Ministry took care to overcome routine complications and take commissions within the approved contexts.
He stated that the process of verifying the authenticity of the issuance of books from banks to the Real Estate Registration Department will be through the authenticity of the electronic issuances that will be approved in this aspect, indicating the start of the executive steps, especially after the approval of the budget to shift the process of transferring ownership electronically to eliminate cases of extortion, counterfeiting and forgery.
Kamel added that the technical teams in the Real Estate Registration and Money Laundering and Terrorist Financing Departments are continuing, by entering training courses supervised by international bodies, considering that what happened is an international requirement, in order to integrate with the automation and mechanization project in the Real Estate Registration Department, with follow-up from the Prime Minister’s Office.
Edited by: Adhraa Juma
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