20 ILCS 4123/5-3

Current through Public Act 103-1052
Section 20 ILCS 4123/5-3 - [Section Scheduled to be Repealed 1/1/2026] Findings

The General Assembly finds and declares the following:

(1) the United States Department of Treasury's Financial Crimes Enforcement Network found, in 2017, that 30% of all high-end real estate purchases in major metropolitan areas involved beneficial owners or purchasers who were the subject of previous suspicious activity reports;
(2) the United States, unlike Canada and several other jurisdictions, does not require real estate agents and brokers to file suspicious transaction reports;
(3) the lack of beneficial ownership transparency is an important factor in facilitating money laundering in real estate; and
(4) money laundering in real estate has negative consequences for local communities, including the dislocation of residents from and within major metropolitan areas.

20 ILCS 4123/5-3

Added by P.A. 102-1108,§ 5-3, eff. 12/21/2022.