Officials in New Zealand have restricted foreign cash transfers to $5,000 and outlawed cryptocurrency ATMs in an attempt to combat money laundering and organized crime.
The steps were revealed by Associate Justice Minister Nicole McKee on Wednesday as part of the government’s effort to revamp its AML/CFT regime, which seeks to combat the financing of terrorism and money laundering.
AML Laws Targeting High-risk Crypto Channels
Part of the reform package is a prohibition on cryptocurrency ATMs and a cap of $5,000 on foreign money transfers. According to officials, the goal of these actions is to prevent criminals from using certain channels to transfer illegal payments.
In a statement, McKee assured that “by banning crypto ATMs,” it would be more difficult for thieves to transfer funds to “high-risk assets” like cryptocurrency. Additional authorities will be granted to the Financial Intelligence Unit (FIU). So that it may continue to request information from repor
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