New laws making cartel conduct a criminal offence in Australia
have been the focus of significant media attention over the past
few months. Corporate Australia is now on notice that as of July
24, if they risk engaging in cartel conduct not only will they face
heavy penalties, they may end up in jail for up to 10 years.
But executives who think the long arm of the law ends at
Australia's borders should think again. For the first time,
Australians who engage in cartel conduct in countries where cartel
conduct is a criminal offence now face the prospect of extradition.
It is a risk that is real.
Since May 1999, more than 30 foreign nationals from countries
including France, Germany, Japan, Korea, Norway, the Netherlands,
Sweden, Switzerland and the UK have served or are serving prison
sentences in the US for participating in or for obstructing an
investigation of an international cartel.
