Outside of Australia, money laundering mostly has been limited if not completely stopped see the HSBC example for instance. Now the Westpac, CBA and Crown Casino (ANZ Bank impacted) examples were bad but HSBC suffered greatly as a result of money laundering scandal that it faced.
HSBC has remediated some of its issues and its SP has gone up triple or more since its money laundering scandal.
Westpac got off very lightly from its money laundering debacle only losing $40 billion AUD and the $1.3 billion AUD awarded by the Court and one has to dispute whether anything has changed. Westpac appears not to have learnt anything. Money laundering is a clear and present danger to CBA amd CBA could be even impacted a lot worse than the $40 billion AUD loss along with the $1.3 billion AUD Federal Court penalty that Westpac suffered as a result of its money laundering scandal.
WBC Price at posting:
$32.32 Sentiment: Sell Disclosure: Not Held
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