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Government gets tough on white-collar crime with harsher penalties

New laws will be introduced to federal parliament to crack down on white-collar criminals.

Under the changes, fines for corporate misconduct will almost double, while civil penalties for corporations could be up to 10 times larger.

Treasurer Josh Frydenberg told Macquarie Radio’s Luke Grant the laws will provide greater protection for consumers.

“Just because you wear a suit to work, doesn’t mean you escape jail.

“The reality is, under these new laws people will face up to ten years imprisonment for financial misconduct. The fines could run into the hundreds of millions of dollars with a 10-fold increase.”

Former ACCC chairman Graeme Samuel tells Ross Greenwood banks are capable of regaining their reputation with Australians.

“But they’re going to be required to undertake drastic action.

“Action that shows that they’re more than just talking the talk about how they put the customer first.

“More than talking the talk in terms of being apologetic over what’s occurred.

“Show that they have clearly changed their attitudes, their approach from the top down.

“They’ve got a big repair job to do.”

Click PLAY below to hear the full interview