Australia's Westpac Banking Corp faces a showdown with investors at its ann...
) faces a showdown with investors at its annual meeting this week, seeking to hold back an avalanche of outrage over a money laundering scandal that includes accusations of enabling child exploitation payments.
Investors will likely call for more scalps at Thursday’s AGM as the company braces for a fine most analysts expect will top A$1 billion . AUSTRAC, the financial crime watchdog, has accused Westpac of 23 million money laundering breaches, including payments to suspected child exploiters in the Philippines.Many in Australia were already hostile to the finance sector after a public inquiry during the past year revealed widespread misconduct.
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