White-collar crooks face up to 15 years in jail under new penalties

Banking executives face up to 15 years in jail under tough new laws to stamp out white-collar crime as the corporate regulator prepares to crack down on misconduct in the sector.

• Sarah Danckert
• The Sydney Morning Herald

On Friday, the Senate passed a long-awaited bill that drastically increases the penalties for white-collar crime.

Australian Securities and Investments Commission’s deputy chairman, enforcement, Daniel Crennan, QC, welcomed the passing of the bill on Friday.

“Now ASIC will be in a position to pursue extremely harsh civil penalties and criminal sanctions against banks, their executives and…

• White-collar crooks…