Increased penalties for white-collar crime are coming

Increased penalties for white-collar crime are coming

Financial Services
Last month, in the midst of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission), the Commonwealth Government (the Government)  announced increased penalties for corporate and financial misconduct.[1] These were not a direct response to the Royal Commission, but rather a response to the Australian Securities & Investments Commission (ASIC) Enforcement Review Taskforce (the taskforce).[2] Then on May 4, the Government announced a range of changes as part of its response to the Senate Economics References Committee (the Committee) inquiry into white-collar crime.[3] We take a look at the increased penalties for white-collar crime. Following on from our recent discussion of compliance in the corporate and financial services area (in particular see https://www.compliancequarter.com.au/six-questions-every-director-should-be-asking-about-compliance/ and https://www.compliancequarter.com.au/the-importance-of-culture-not-spend-in-compliance/), it is essential that all corporations and…
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