Barnaby Joyce

Greater protections for New England consumers from white collar crime

23 Oct 2018

Consumers in the New England are set for greater protection from corporate and financial sector misconduct, with the Coalition Government introducing legislation into Federal Parliament this week that will significantly strengthen penalties for white collar crime.

 

“We’re pretty lucky to have people with strong community values here in the New England but we’re not completely immune and white collar crime still affects many parts of our region,” Member for New England, Barnaby Joyce said.

 

“That’s why we’re upping the ante on deterrents for white collar crimes by doubling the criminal penalties available to 10 years imprisonment, increasing the civil penalties tenfold for corporations and by more than five times for individuals.  

 

“It means Australia’s sanctions will be closer to those in leading international jurisdictions and, most importantly, New England consumers will be better protected from these crimes.”

 

The legislation is based on recommendations from the Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce which follows the Coalition Government’s Financial System Inquiry.

 

“This move builds on actions we have already taken to better protect New England consumers from corporate and financial sector misconduct, including providing $70.1 million in additional funding to the financial regulator to bolster its enforcement capabilities and establishing a new one-stop-shop for external dispute resolution,” Mr Joyce said.

 

“All of these reforms are part of our plan for a stronger economy.”

 

 

OLD

NEW

Maximum criminal penalties

Individuals

5 years imprisonment

and/or $42,000

10 years imprisonment

and/or the greater of $945,000

or three times the benefit gained/loss avoided

Corporations

$210,000

The greater of $9.45 million

or three times the benefit gained/loss avoided

or 10 per cent of annual turnover

Maximum civil penalties

Individuals

$200,000

The greater of $1.05 million

or three times the benefit gained/loss avoided

Corporations

$1 million

$10.5 million

or three times the benefit gained/loss avoided

or 10 per cent of annual turnover

(capped at $210 million)

 

 (ENDS)

PDF Download PDF