The ill gotten gains of corporates and individuals who have broken the law should be clawed back and deferred prosecution agreements introduced that could see multi-billion-dollar fines for corporate wrongdoing.

Those are some of the recommendations from the nation's leading regulators in how to better tackle white collar crime.

Unlike the US, Canada and the UK, Australia currently has no "disgorgement" penalties to allow the Australian Securities and Investments Commission to force repayment of profits from companies and white collar crooks hauled before the courts in civil actions.

Currently ASIC must instigate separate Proceeds of Crime actions to recoup the winnings of corporate crooks. It argues in a submission to a Senate inquiry that disgorgement policies would up the ante in dealing with companies and individuals who face a $1 million maximum financial penalty regardless of how much profit is made on the dubious transactions.