Section 20 ILCS 4123/5-10 - [Section Scheduled to be Repealed 1/1/2026] Duties The Task Force shall:
(1) identify vulnerabilities in the real estate sector that facilitate money laundering;(2) provide guidance to help actors in the real estate sector identify suspicious transactions and report them to the proper authorities;(3) explore the means by which illicit money is channeled into the real estate sector and integrated into the legal economy, including, but not limited to, cash purchases, complex loans, monetary instruments, mortgages, investment institutions, fraudulent appraisals, and anonymous corporate entities;(4) assess the exposure of the residential, industrial, and commercial real estate sectors in Illinois to illicit Russian money, including, but not limited to, luxury real estate in Chicago and nonresidential real estate in downstate communities; and(5) assess real estate due diligence and reporting practices, requirements, and laws in Illinois and recommend changes needed to eliminate systemic vulnerabilities that facilitate foreign money laundering.Added by P.A. 102-1108,§ 5-10, eff. 12/21/2022.