Australia: Revised Penalties Come Down Hard on White Collar Crime

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The Federal Government will this week introduce legislation into parliament to increase the penalties for white collar crimes.

In a media release on Sunday, Treasurer Josh Frydenberg said criminal penalties were set to double in some cases, while civil penalties for corporations and individuals would skyrocket.

Following a review of ASIC’s enforcement powers, the Government will introduce legislation to parliament this week, hoping to strengthen sanctions for corporate and financial sector misconduct. It comes in a year when the Royal Commission has highlighted financial services organisations often engaging in misconduct, despite the existence of legislation outlawing their behaviour.

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