From SBS News:
Bankers found guilty of serious corporate crimes could be jailed for up to 15 years and shonky corporations may face fines of up to $525 million, under legislation proposed by Labor.
In the wake of the damning banking royal commission, the federal party wants to significantly increase penalties against financial institutions who break the law.
“Today Labor will fight for more jail time and increased penalties for banks and bankers who do the wrong thing,” Opposition Leader Bill Shorten said on Wednesday, as the party sought Senate backing to bring on the bill for debate.
More from Investor Daily:
Labor leader Bill Shorten has expressed that if Labor wins the 2019 election they would establish a special prosecutor position to head a corporate crime taskforce in response to the Hayne royal commission…
“As well as giving in-principle support to the recommendations of the royal commission, a Shorten Labor government will fund a dedicated special prosecutor to bring corporate criminals to justice,” he said.
It has since been revealed that Mr Shorten would allocate $25 million in funding to ensure that the prosecutor had the resources to pursue charges…
“If you steal from a bank you go to jail, but if the bank steals from you there’s no guarantee they’ll even get to court,” said Mr Shorten.
Great stuff. This will resonate very well with ordinary punters, who are sick and tired of seeing bankers get away with egregious behaviour.
