Illinois Statutes Chapter 20. Executive Branch § 4123/5-3. Findings

(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.