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Westpac bank has negotiated to pay a record 1.3 billion dollar fine for breaching money laundering laws
Westpac failed to adequately report over 19 million international transactions. Some payments were potentially linked to child exploitation. If the negotiated fine for money laundering rule breaches is approved by a court in Australia it will be the largest civil penalty in Australian corporate history.
The boss of Qantas thinks Australia will be closed for international travel until mid 2021 at earliest and for some highly infected countries like USA Australia may not accept its citizens for even longer if no vaccine is found.
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