Appleby calls for higher fines for white-collar crime

More punitive penalties for individuals and companies involved in white-collar crime are among a series of recommendations made by the former Director of Corporate Enforcement, Paul Appleby, to improve the detection and punishment of reckless and fraudulent behaviour.

Mr Appleby, who oversaw his office’s long-running investigation into alleged financial irregularities at the former Anglo Irish Bank up to his retirement last August, claimed existing fines for such offences were “too low” to act as a real deterrent.

The former company law watchdog pointed out that most indictable offences for breaches of company legislation attracted a maximum fine of just €12,697.