New Zealand announced plans to adopt measures against money laundering, including a ban on cryptocurrency ATMs and limits on international cash transfers.
Ban on Crypto ATMs in New Zealand
Associate Justice Minister Nicole McKee announced the proposal to ban crypto ATMs, citing their use by criminals to convert cash into cryptocurrency. McKee emphasized that the reforms aim to target criminals while making the business environment more favorable for legitimate enterprises.
Limit on International Cash Transfers
The government plans to impose a cap on international cash transfers at $5,000 to make it harder for organized crime to launder illicit funds. Legitimate remittances will still be allowed through electronic banking channels.
Global Response to Crypto ATM Misuse
There is increasing global concern over the misuse of crypto ATMs. For instance, Spokane, Washington, has enacted a ban on these devices, while Nebraska has introduced new requirements for crypto ATM operators, including licensing and fee limitations.
These new measures in New Zealand reflect a global trend towards tighter controls on cryptocurrency operations to combat money laundering and protect consumers.
