Last Friday, the Justice Minister sent a proposal to the Lower House for higher penalties for corruption.
For companies, this means a maximum fine of 10 per cent of their annual turnover, a stark change from the current amount of 780.000 euros, which the minister claims makes little impression on big companies.
For individuals, a conviction for corruption in the private sector will go up from two to four years’ imprisonment, while those attempting to bribe civil servants will now be punished with a maximum prison sentence of six years.
The proposal will also widen the scope for the penalisation of bribery in the private sector. This includes cases in which service providers such as accountants and appraisers are bribed to overlook embezzlement or to give an incorrect value for real estate.
The prison sentence for economic offenders who systematically ignore regulations, including ignoring environmental regulations or distorting competition, will go up to a maximum of four years.
In order to tackle criminal gains more effectively, prison sentences for money laundering will be increased.
People convicted of the basic crime will get six years (up from four), while habitual money launderers can get a maximum of eight years.
The bill also contains further measures to combat with financial economic crime, with the maximum penalty for those who are guilty of offences will now be linked to their financial capacity.