Big banks to foot bill for ASIC corporate crime crackdown

corporate crime

Crime News Service: The Federal Government will use a levy on the banks and increased surveillance powers to crack down on financial misconduct, as it fends off continued pressure from Labor to hold a . The levy will provide $121 million over four years for the Australian Securities and Investments Commission (ASIC), helping replace cuts under the former Labor Government and in the 2014 Abbott government budget. The government will contribute about $6 million in direct assistance. It follows Labor’s promise to hold a royal commission into the banks if elected,…