(Section scheduled to be repealed on January 1, 2026)

125 words·~1 min read·/il/chapter-20/act-4123/1-5·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.