ASIC will be able to jail corporate criminals for as long as 10 years under changes to the Corporations Act announced by the government today.
In a statement issued today, Treasurer Scott Morrison said the reform will represent the "most significant increases in maximum civil penalties in twenty years".
The government will increase penalties under the Corporations Act to:
"The Government will expand the range of contraventions subject to civil penalties, and also increase the maximum civil penalty amounts that can be imposed by courts, to the maximum of:
"In addition, ASIC will be able to seek additional remedies to strip wrongdoers of profits illegally obtained, or losses avoided from contraventions resulting in civil penalty proceedings."