The opposition People’s National Party, has welcomed news that there will be stiffer penalties for white collar criminals, soon.

Finance Minister Dr. Nigel Clarke, announced on Monday, that the government is moving to review several financial legislation, with a view to applying more stringent penalties for breaches.

Dr. Clarke said the review is necessary to strengthen the country’s ability to identify, investigate and prosecute financial crimes in the banking, securities, insurance, and pensions sectors.

Legislation to be amended include the Securities Act, Banking Act, Insurance Act, and the Pensions Act.

The finance minister’s announcement, comes in the wake of several incidents of fraud, at a number of financial institutions.

The latest incident is an alleged multi-million dollar fraud at investment company Stocks and Securities Limited.

Speaking with Irie Fm News, opposition spokesperson on finance, Julian Robinson said Jamaica does not have a positive track record regarding fraud, and therefore, he believes that applying more stringent penalties, is a good move.