Fed: Cartel legislation introduced into Parliament
Federal Competition Policy Minister, Chris Bowen MP, has introduced into the Parliament a package of measures providing criminal sanctions for serious cartel conduct.
The Trade Practices (Cartel Conduct and Other Measures) Bill 2008 includes the following provisions:
Individuals involved in hard-core cartel conduct face a maximum gaol term on conviction of 10 years, and a fine of $220,000. For corporations, the maximum fine will be the greater of $10 million, or three times the value of the benefit obtained as a result of committing the offence.
Amends the Telecommunications (Interception and Access) Act 1979 to enable the ACCC to seek to use intercepted material in relation to cartel investigations. Telecommunications interception powers can be a means of finding evidence of the 'directing minds' behind corporate criminal behaviour.
4 December, 2008