New Zealand has announced a ban on cryptocurrency ATMs and set a cap of $5,000 on international cash transfers as part of efforts 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 target criminals while avoiding unnecessary bureaucratic burdens on legitimate businesses. The new rules are part of a comprehensive overhaul of New Zealand's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime. The government aims to make it more difficult for criminals to convert cash into high-risk assets such as cryptocurrencies. The Financial Intelligence Unit (FIU) will also gain new powers to monitor suspicious activities more closely. Two AML reform bills are pending in Parliament and are expected to ease compliance for law-abiding businesses while maintaining rigorous standards. The crackdown on crypto ATMs is consistent with a global trend, with similar measures being implemented in other countries due to concerns about their use in illicit activities.

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