Financial Crime Financial Crime

Westpac A$1.3 billion money-laundering penalty approved by Australian court

By Laurel Henning and Ben Lucas
  • 21 Oct 2020 00:14
  • 01 Sep 2021 21:22
Westpac Banking Corporation will pay A$1.3 billion to settle a money-laundering case, after an Australian federal court judge approved a settlement today.
Westpac and Australia’s anti-money laundering regulator, known as Austrac, announced that they had reached the settlement — the highest corporate penalty in Australian history — on Sept 24

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Laurel Henning

Senior Correspondent


Laurel is a senior correspondent specializing in competition law, data privacy and security, in Australia and New Zealand. Laurel reports from Sydney on criminal-cartel legislation and white-collar crime, as well as competition and consumer lawsuits involving companies including Google, Meta Platforms and Apple. While at MLex Laurel has also reported boardroom disputes and shareholder campaigns agitating for changes to company strategy. Laurel joined MLex in 2013 and reported for five years on European energy and climate policies from Brussels. In that time, Laurel covered the regulation of emissions and technological developments pertaining to the energy sector within the EU, as well as the Paris agreement in 2015. A graduate of the University of Liverpool, Laurel studied English and French before beginning a career in journalism with MLex.

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