Penalties for corporate misconduct will be strengthened and the Australian Securities and Investments Commission (ASIC) given enhanced powers to investigate and punish white-collar crime, the Government says.

Canberra has agreed, or agrees in principle, to all 50 recommendations made by the ASIC Enforcement Review Taskforce.

Individuals face up to 10 years in prison and/or fines that are the larger of $945,000 or three times the benefits of crimes. Corporations will pay the larger of $9.45 million, three times benefits or 10% of annual turnover. Civil penalties will also be increased.

ASIC will be allowed to receive intercepted material to investigate and prosecute serious offences, ban individuals and refuse, revoke or cancel licences where appropriate.

“These stronger new penalties will ensure those who do the wrong thing will receive appropriate punishment,” Treasurer Scott Morrison and Minister for Revenue and Financial Services Kelly O’Dwyer said in a joint statement.

“The Turnbull Government is committed to ensuring ASIC is armed with greater powers to effectively deter, prosecute and punish those who do the wrong thing, to improve community confidence and outcomes for consumers and investors.”

The Enforcement Review Taskforce reported to the Government in December.

The Financial Services Council has backed stiffer punishment.

“It is entirely appropriate that penalties for civil and criminal misconduct are as strong as possible,” CEO Sally Loane said.