Hit white-collar criminals harder: ASA
AAP
March 31, 2016 3:59pm
White-collar criminals should be pursued more vigorously and be subject to tougher punishment, according to the Australian Shareholders' Association.
The ASA says criminal convictions were rare for white-collar crime in Australia, and that potential penalties - and those actually imposed - have not been strong enough to deter offenders.
"The ASA believes there is a need for more criminal prosecutions and increased civil and administrative penalties for white-collar crime," the ASA said in its submission to the Senate Economics References Committee inquiry into penalties for white collar crime.
The ASA acknowledged that prison terms for white-collar crime in Australia were consistent with those overseas, but said there appeared to be a reluctance to apply them in anything other than very exceptional cases.
"What we have seen is a penchant for weak punishments such as good behaviour bonds or community service orders, even when the admitted wrongdoing has been serious, deliberate and systematic," the ASA said.