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White Collar Crime

Maximum prison sentence for some white collar crimes doubles

The new legislation is a part of a crackdown on white collar crime.

THE JOBS MINISTER Richard Bruton is today enacting legislation which will double the maximum prison sentence for competition offences to ten years.

The Competition (Amendment) Act 2012 is being brought into force today – the legislation is part of a range of measures aimed at tackling white collar crime.

The existing legislation already sets out a range of penalties, but this new Act provides for the maximum prison sentence for anti-competitive agreements, decisions and concerted practices is to be raised from five to ten years.

Fines that can be imposed for “hard-core” breaches of competition law – such as cartels and price-fixing –  have been increased from €4 million to €5 million.

The circumstances under which a court can order that a person cannot be appointed as a company director have also changed to include contraventions of section 4 or 5 of the 2002 Competition Act.

It will also be easier for private individuals affected by anti-competitive practices to prove an action for damages, once public enforcement proceedings have successfully been taken.

Minister Bruton said:

Powerful people and organisations who abuse their position to the detriment of the ordinary consumer and small business will now face a greater chance of prosecution, and tougher penalties is convicted. It will make a real difference in the fight to tackle white-collar crime and ultimately help our economy on the road to recovery.

Read the Competition Amendment Act 2012 (PDF)>

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