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Westpac faces ‘angry’ shareholders over money laundering scandal

Shareholders have confronted the Westpac board at its annual general meeting over the money laundering scandal.

Westpac is accused of breaching money laundering laws 23 million times.

AUSTRAC alleged Westpac systems were used to fund child exploitation and live child sex shows in south-east Asia.

Shareholder and former Australian senator Chris Schacht tells Ross Greenwood the bank has simply broken the law.

“The feeling was so angry, from the shareholders, about what had happened at the bank they own.”

Ross says he’s never seen anything like it.

“I’ve been covering finance for 35 years and I don’t think I’ve felt as palpable an anger from a shareholder group as I felt today at that Westpac meeting.”

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Image: Getty/Peter Parks