The government has announced that it will strengthen the penalties for white-collar crime in the financial sector.

The announcement was made on Monday by Finance Minister Dr. Nigel Clarke.

Dr. Clarke added the government intends to implement a fixed penalty regime to combat money laundering and financial terrorism within financial companies.

Dr Nigel Clarke, Minister of Finance.

And the Advocates Network says its disappointed that international agencies have had to be called in to probe the multi million US dollar fraud at SSL.

Robert Stephens is a representative of the Civil Society Group.

Stephens says the SSL fraud scandal does not reflect well on the state of governance at state entities like the Financial Services Commission, FSC.

Robert Stephens, a representative of the Civil Society Group, Advocates Network.