I disagree with that, and so does the british legal system. In the UK you don't have punative fines. You only can get ordered to pay for compensation and legal fees.
Burnsy
That's not true in the british legal system. Plenty of things have statutory damages, just not copyright law, although the most recent EU directive on intellectual property rights explicitly permits the right of member states to set up statutory damages, and knowing our government, it wouldn't surprise me if it appears soon...