White-collar crime legislation includes jail terms of 10 years

BUSINESS PEOPLE who collude to create cartels to drive up prices and steal business from competitors face jail terms of up to 10 years and huge damages claims, under new legislation targeting white-collar criminals.

Minister for Jobs, Enterprise and Innovation Richard Bruton yesterday published the Competition (Amendment) Bill 2011 to “strengthen enforcement of competition law, battle white-collar crime and help reduce costs”.

Mr Bruton also signed into law measures aimed at improving the investigation of often complex competition offences.