The New York Times is reporting that Toronto City Council has voted to ban the sale, possession and consumption of shark fin and shark fin products within the city. The motion was approved by a 38-4 vote.

According to the by-law the consumption of shark fin “may have an adverse impact on the health, safety and well-being of persons, and on the economic, social and environmental well-being of the City of Toronto.”

Violators of the new law will face fines up to $5,000 (CAD) for a first time offense, $25,000 for a second offense, and $100,000 for a third or subsequent offense. The ban will go into effect September 1, 2012.