Illinois Compiled Statutes 20 ILCS 4123/5-3 – Findings
Current as of: 2024 | Check for updates
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The General Assembly finds and declares the following:
(1) the United States Department of Treasury’s
(1) the United States Department of Treasury’s
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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;
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(2) the United States, unlike Canada and several
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other jurisdictions, does not require real estate agents and brokers to file suspicious transaction reports;
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(3) the lack of beneficial ownership transparency is
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an important factor in facilitating money laundering in real estate; and
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(4) money laundering in real estate has negative
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consequences for local communities, including the dislocation of residents from and within major metropolitan areas.
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Terms Used In Illinois Compiled Statutes 20 ILCS 4123/5-3
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14