The Treasury Laws Amendment (Strengthening Corporate and...

The Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018 passed through the Senate last night

Notable features of the Bill include:

• maximum prison penalties for the most serious offences will increase to 15 years. These include breaches of director’s duties, false or misleading disclosure and dishonest conduct;
• civil penalties for companies will significantly increase, now to be capped at $525 million;
• maximum civil penalties for individuals will increase to $1.05 million and can also take in to account profits made;
• civil penalties will apply to a greater range of misconduct, including licensee’s failure to act efficiently, honestly and fairly, failure to report breaches and defective disclosure.

Could spell bad news for any corporate crooks.