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Australia to double jail terms for white-collar crimes
SYDNEY, Oct 21, 2018 (BSS/AFP) – Australia said
Sunday jail terms for white-collar crimes would be
doubled and penalties against misbehaving companies
sharply increased in a further fallout from a scathing
inquiry into the finance sector.
A Royal Commission was called by Canberra late last
year as public anger against Australian banks grew
following a string of scandals involving allegations of
misconduct and fraud.
Treasurer Josh Frydenberg said his government would
introduce the legislation into parliament next week to
protect consumers.
“These significantly strengthened sanctions overhaul
Australia’s penalties for white-collar crime,”
Frydenberg said in a statement, adding that some
sanctions had not changed in more than two decades.
“(It will) bring our penalties closer to those in
other leading international jurisdictions.”
Maximum criminal penalties for individuals would be
doubled to 10 years’ jail while firms could face fines
of more than Aus$9.45 million (US$6.73 million).
Under the proposed reforms to civil sanctions,
individuals would be hit with more than Aus$1.05 million
in fines and companies up to Aus$210 million.
The nearly 1,000-page interim report from the Royal
Commission found that banks, insurers and other
financial houses had put “the pursuit of short-term
profit at the expense of basic standards of honesty”.
The report added that greed appeared to be the
motivation.
BSS/AFP/MRI/1118 HRS