New Zealand has announced a ban on cryptocurrency ATMs and imposed a $5,000 cap on international cash transfers as part of a wider initiative to combat money laundering and financial crime. Associate Justice Minister Nicole McKee revealed these measures during a press conference, emphasizing the government's commitment to targeting criminal activities while minimizing regulations for legitimate businesses. The reforms are part of an overhaul of New Zealand's Anti-Money Laundering and Countering the Financing of Terrorism regime. The Financial Intelligence Unit (FIU) will receive new powers to collect information from banks on individuals flagged for suspicious activities. This decision reflects a growing concern that criminals have been using crypto ATMs to quickly convert cash into cryptocurrency for illicit purposes. The government hopes that these changes will close gaps in the current financial system that have allowed money laundering and fraud to proliferate.

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