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Australia vows crackdown on corporate misconduct as bank inquiry claims AMP scalp

Reuters  |  SYDNEY 

By Byron Kaye and Paulina DuranSYDNEY (Reuters) - An Australian inquiry into financial sector misconduct claimed its first scalp on Friday as the CEO of the country's largest wealth manager stepped down over revelations of board-level deception and misappropriation of funds.The departure of AMP Ltd's Craig Meller came as the government vowed to double prison terms for financial crimes, dramatically increase penalties and ramp up the investigative powers of the corporate regulator following shocking admissions of misconduct to the Royal Commission inquiry.Not only has the start of the ...

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First Published: Fri, April 20 2018. 16:53 IST
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