AGL 40.10 Increased By ▲ 0.10 (0.25%)
AIRLINK 130.00 Increased By ▲ 0.47 (0.36%)
BOP 6.79 Increased By ▲ 0.11 (1.65%)
CNERGY 4.46 Decreased By ▼ -0.17 (-3.67%)
DCL 8.66 Decreased By ▼ -0.28 (-3.13%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.10 Decreased By ▼ -2.67 (-3.19%)
FCCL 32.78 Increased By ▲ 0.01 (0.03%)
FFBL 75.00 Decreased By ▼ -0.47 (-0.62%)
FFL 11.54 Increased By ▲ 0.07 (0.61%)
HUBC 109.11 Decreased By ▼ -1.44 (-1.3%)
HUMNL 14.09 Decreased By ▼ -0.47 (-3.23%)
KEL 5.35 Decreased By ▼ -0.04 (-0.74%)
KOSM 7.80 Decreased By ▼ -0.60 (-7.14%)
MLCF 38.88 Decreased By ▼ -0.91 (-2.29%)
NBP 63.60 Increased By ▲ 3.31 (5.49%)
OGDC 195.62 Decreased By ▼ -4.04 (-2.02%)
PAEL 25.66 Decreased By ▼ -0.99 (-3.71%)
PIBTL 7.35 Decreased By ▼ -0.31 (-4.05%)
PPL 155.55 Decreased By ▼ -2.37 (-1.5%)
PRL 25.60 Decreased By ▼ -1.13 (-4.23%)
PTC 17.45 Decreased By ▼ -1.01 (-5.47%)
SEARL 80.05 Decreased By ▼ -2.39 (-2.9%)
TELE 7.84 Decreased By ▼ -0.47 (-5.66%)
TOMCL 33.69 Decreased By ▼ -0.82 (-2.38%)
TPLP 8.60 Decreased By ▼ -0.46 (-5.08%)
TREET 16.64 Decreased By ▼ -0.83 (-4.75%)
TRG 57.53 Decreased By ▼ -3.79 (-6.18%)
UNITY 27.60 Increased By ▲ 0.17 (0.62%)
WTL 1.45 Increased By ▲ 0.07 (5.07%)
BR100 10,561 Increased By 154 (1.48%)
BR30 31,490 Decreased By -223.7 (-0.71%)
KSE100 97,992 Increased By 663.4 (0.68%)
KSE30 30,487 Increased By 294.6 (0.98%)

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.

Copyright Agence France-Presse, 2018

Comments

Comments are closed.