Senate debates Questions without Notice
Banking and Financial Services
Don Farrell SA, Australian Labor Party, Shadow Special Minister of State
2:31 pm
My question is to the Minister representing the Minister for Industrial Relations, Senator Payne. Last week it was reported that an organisation had broken anti-money-laundering laws 23 million times. Was it a union or a bank?
Marise Payne NSW, Liberal Party, Minister for Foreign Affairs
I'm sure that Senator Farrell is aware that it is a financial institution: it's Westpac.
Don Farrell SA, Australian Labor Party, Shadow Special Minister of State
Why does the Prime Minister say the leadership of the bank is 'up to the board' after it has broken the law 23 million times, potentially contributing to the spread of child sexual exploitation material, but the government wants the power to expel union leaders and even shut down entire unions for minor paperwork breaches? Why is there one rule for banking executives and another for working Australians?
Marise Payne NSW, Liberal Party, Minister for Foreign Affairs
2:32 pm
If I recall correctly, what the Prime Minister said was that he was 'absolutely appalled' in relation to these actions. AUSTRAC has initiated civil penalty proceedings, in the Federal Court, against Westpac. AUSTRAC will allege systemic, serious noncompliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. As you would expect, Mr President, this will be handled through the courts.
Don Farrell SA, Australian Labor Party, Shadow Special Minister of State
When the government introduced the ensuring integrity bill, the minister claimed it was to establish corporate equivalence with unions. How can there be corporate equivalence if 23 million breaches of the law is a matter for the board if you're a bank, but three breaches of paperwork can get you deregistered if you're a union?
Unidentified interjection - Hansard doesn't record who said this
Hon. Senators:
Honourable senators interjecting—
Marise Payne NSW, Liberal Party, Minister for Foreign Affairs
Honourable senators interjecting—
Scott Ryan President
Order! I'll ask the minister to resume her seat and I'll call her when I can hear her. Senator Payne.
Marise Payne NSW, Liberal Party, Minister for Foreign Affairs
As I said to Senator Farrell and to the chamber, AUSTRAC has initiated civil penalty proceedings in the Federal Court against Westpac. You would expect this matter to be dealt with through the court, as the provisions, frankly, of the ensuring integrity bill will implement—
Opposition senators interjecting—
Marise Payne NSW, Liberal Party, Minister for Foreign Affairs
through the courts. AUSTRAC will allege serious systemic noncompliance—
Scott Ryan President
Order! Senator Payne, please resume your seat. Senator Payne is blessed with a very loud voice, and I'm struggling to hear her because of the noise from my left.
Deborah O'Neill NSW, Australian Labor Party
It's nonsense. You shouldn't listen to her anyway!
Scott Ryan President
I assume that's not a reference to me, Senator O'Neill.
Marise Payne NSW, Liberal Party, Minister for Foreign Affairs
As I indicated in my previous answer, this matter will be dealt with, as it should be, through the courts. The provisions of the ensuring integrity bill similarly reflect that process.