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Record corporate fines don't deter: here's a 'frank' fix to make penalties bite

  • Written by The Conversation

All things considered, Westpac’s record A$1.3 billion fine for breaching anti-money-laundering laws could have been worse.

Each of the alleged 23 million breaches of the Anti-Money Laundering and Counter-Terrorism Act between 2010 and 2018 carried a penalty of up to A$63,000. So the fine might have been more than A$1 trillion.

The A$1.3...

Read more: Record corporate fines don't deter: here's a 'frank' fix to make penalties bite

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