The CEO and board of Westpac should ‘reflect upon their positions’

Shadow Assistant Treasurer Stephen Jones says both the CEO and the board of Westpac are in “a very difficult position” as “it’s hard to overstate the enormity of what’s gone on”. Westpac has been accused of breaching Australia’s anti-money laundering and counter terrorism finance laws 23 million times. Mr Jones told Sky News the Commonwealth Bank paid "$700 million for their 53,000, the fines in the Westpac case we can only assume are going to be in order of magnitude to the CBA case". "This is incredibly serious, AUSTRAC have themselves said the failure of Westpac lead to a failure in their ability to stop these crimes," he said. “I don’t think we can overestimate the serious of this and I think the board and the CEO of Westpac should be reflecting upon their positions. " Image: News Corp Australia

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