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Bill 8, Anti-Money Laundering in Housing Act, 2022

Bell, Jessica

Karpoche, Bhutila

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Status

Debates

Original

Bill 8 Original (PDF)

EXPLANATORY

NOTE

The

Bill enacts the Anti-Money Laundering in Housing Act, 2022 .

The Act requires the Minister to develop and implement a land owner

transparency plan which is a plan to establish a public registry of beneficial

property owners.

Section 3 of the Act sets out what is to be included in the

plan.

Section 4 of the Act requires the Minister to prepare a progress report

and table the progress report in the Assembly.

Bill 8 2022

An Act to enact the Anti-Money Laundering in

Housing Act, 2022

Preamble

All

people of Ontario deserve a safe and affordable home.

Rapid

increases in housing prices and housing speculation have made it impossible for

many Ontarians to afford their first home.

Increasing

transparency of home ownership can help to hold those who profit from Ontario’s

housing market accountable and ensure that they are fully compliant with all

laws, rules and tax requirements. This, in turn, can help to make the housing

market more accessible to all Ontarians.

Therefore,

Her Majesty, by and with the advice and consent of the Legislative Assembly of

the Province of Ontario, enacts as follows:

Interpretation

this Act,

“Minister”

means the Minister of Municipal Affairs and Housing or such other member of the

Executive Council as may be assigned the administration of this Act under the Executive Council Act .

Land

owner transparency plan

(1) Within

six months after this

section comes into force, the Minister shall develop and

implement a land owner transparency plan to establish a public registry of

beneficial property owners in Ontario which will require corporations, trusts

and partnerships that own real property to disclose individual owners.

Timeline

for registry

(2) The

plan will require the Minister to establish the public registry within one year

after the plan is developed.

Publication

(3) The

Minister shall publish the plan on a Government of Ontario website.

Content

of plan

The

land owner transparency plan developed under subsection 2 (1) shall include the

following:

1. The

steps the Minister plans to take in order to establish the public registry.

2. The

timelines the Minister will follow in establishing and implementing the plan

and establishing the public registry.

3. A

plan for consulting relevant stakeholders including the Ontario Real Estate

Association and Transparency International Canada.

4. Such

other matters as the Minister considers advisable.

Progress

report

(1) Within

six months after the land owner transparency plan is developed, the Minister

shall prepare a progress report on the plan and table the progress report in

the Assembly.

Same

(2) The

progress report shall include the Minister’s progress in establishing the

public registry.

Commencement

This Act comes into force on the day it receives Royal Assent.

Short

title

The

short title of this Act is the Anti-Money Laundering

in Housing Act, 2022 .

Date Bill stage Event Outcome Committee

August 18, 2022

First Reading

Ordered for Second Reading

August 18, 2022

First Reading

Vote

Carried

First Reading

August 18, 2022

Carried

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