Anthony Albanese (Grayndler, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is addressed to the Prime Minister. Last week it was reported that an organisation had broken money laundering laws 23 million times. Was it a union or a bank?

Scott Morrison (Cook, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

It was a bank, and that's why when I was Treasurer I introduced what is known as the Banking Executive Accountability Regime. I note that APRA and ASIC are examining these matters. But, when it comes to these matters, under the BEAR, the legislation which I introduced into this House, which those opposite actually tried to oppose and prevent being passed in this place—they eventually voted for it, but they showed some hesitation—the civil penalty is a maximum of $210 million for large banks, $52½ million for medium-size banks and $10½ million for smaller banks. Individuals can be disqualified, and their remuneration may be reduced. The activity may also fall foul of other corporate laws. The government has increased civil penalties to up to $1.05 million, or to up to $945,000 for criminal penalties carrying 15 years imprisonment for individuals, or to a greater of $9.5 million or three times the benefit gained or 10 per cent of the annual turnover for companies.

I note that in the ensuring integrity bill the penalty may be up to $21,000 or two years in prison. So I won't cop it from those opposite who come in here and make those accusations. I think banks should take accountability for their manifest failures and I think union thugs should also.