20 ILCS 4123/5-3

(20 ILCS 4123/5-3)

(Section scheduled to be repealed on January 1, 2026)

Sec. 5-3. 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.

(Source: P.A. 102-1108, eff. 12-21-22.)