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Porter flags big Westpac penalty

James Eyers and Michael Pelly

Nov 22, 2019 – 12.00am

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Attorney-General Christian Porter said the money laundering breaches levelled against Westpac are "off the charts" and indicated that the bank can expect a fine well over the $700 million slapped on Commonwealth Bank for similar offences.

Mr Porter, who would approve any settlement, said the "unbelievably serious" allegations of millions of money laundering compliance breaches, some related to financing child pornography and exploitation, were of "enormous concern" to the Morrison government.

James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay

Michael Pelly is the legal editor, based in our Sydney newsroom. He has been a senior adviser to federal and state attorneys-general and written two books, one a biography of former High Court Chief Justice Murray Gleeson.