Lax penalties make Australia haven for white-collar crime: ASIC

by Adam Smith22 Oct 2014
ASIC's chair has slammed Australia's penalties for white-collar crime, saying lax repurcussions make the country a "paradise for white-collar criminals".

Speaking at a business journalism awards lunch held yesterday by the Walkley Foundation, Medcraft said that Australia was behind its international peers when it came to sentencing for white-collar offences, News Ltd has reported.

"Civil penalties for white-collar offences are just not strong enough," he said.

Medcraft said civil penalties had not kept pace with inflation.

“In Australia we haven’t indexed penalties to inflation for 20 years. I mean, hello. In many cases all we do is give a slap on the wrist and it’s not discouraging bad behaviour."

Medcraft also told the public to be "extremely careful" dealing with financial planners, News Ltd reported.


  • by Ed Ridge 22/10/2014 9:10:35 AM

    No *&$% Sherlock and Mr Medcraft you're Sherlock.

  • by Bottom Line 22/10/2014 9:58:36 AM

    $500 for a credit licence - to do what I have always done. $250 to file an annual minute of a trust meeting held with myself. Company Fees etc etc etc.....hard to tell the definition of 'white collar' crime.

  • by Steve 22/10/2014 12:21:05 PM

    How about starting with ASIC taking action in following through with complaints and not so much hot air!