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VICTORIA — Cabinet ministers Carole James and David Eby took to the platform at the legislature Thursday to again claim that the real estate market has been greatly distorted by illicit money laundering.

“Our overheated housing market can attract criminals and people wanting to abuse the system,” said Finance Minister James.

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“When these people exploit loopholes, they drive up housing prices and help organized crime and drug dealers. That kind of activity has no place in our province, and we are taking action.”

She then released the findings of a welcome review, urging consolidation among provincial regulators in the real estate and financial sector, as a first start on closing loopholes.

Attorney-General Eby for his part launched another review by money laundering expert Peter German, this time into suspected abuses in real estate, horse racing and the purchase of luxury cars.

The second phase review, budgeted at $250,000, arose out of recommendations from German in his earlier review of money laundering at casinos, for which he was paid $188,914.