Section 20 ILCS 4123/5-3 - [Section Scheduled to be Repealed 1/1/2026] Findings The General Assembly finds and declares the following: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.Added by P.A. 102-1108,§ 5-3, eff. 12/21/2022.