Money Laundering in Real Estate Task Force

Meeting Information

Contact Name

Tia Davis

Contact E-Mail

Tia.N.Davis@Illinois.gov

Function

(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.

Senate Confirmation

No

Composition

1. 4 members appointed by one each by the Speaker of the House of Representatives, The Minority Leader of the House of Representatives, The President of the Senate, and the Minority Leader of the Senate; 2. The Secretary of Financial and Professional Regulation or the Secretary's designee 3. The Director of Revenue or the Director's designee 4. 2 member of the faculty of an institution of higher education in the State with subject matter expertise regarding money laundering in real estate appointed by the Governor 5. one expert on real estate tax law, appointed by the Governor. 6. one representative of banking institutions with assets of at least $1,000,000,000, appointed by the Governor. 7. one representative of banking institutions with assets below $1,000,000,000 appointed by the Governor. 8. 2 representatives of a statewide organization representing real estate brokers, appointed by the Governor. 9. 4 members with backgrounds in real estate, financial institutions, or law, appointed one each by the Speaker of the House of Representatives, the Minority Leader of the House of Representatives, The President of the Senate, and the Minority Leader of the Senate.

Authority

Public Act 102-1108