New Zealand announced on Wednesday that it will ban cryptocurrency ATMs as part of its efforts to strengthen the country’s anti-money laundering and counter-terrorist financing regime.
“Since 2019, the global financial and regulatory landscape has shifted significantly,” Associate Justice Minister Nicole McKee said in a statement. “We need a smarter, more agile AML/CFT system – one that targets criminals’ ability to launder money.”
According to an earlier report from Newsroom, the New Zealand police force stated that crypto ATMs have become one of the primary money laundering portals for drug dealers, identifying 157 crypto ATMs in the country.
Alongside the ban on the ATMs, New Zealand is setting a $5,000 cap on international transfers to curb the illicit movement of funds offshore.
The New Zealand government and Cabinet also plan to introduce a bill that will significantly strengthen the enforcement powers of police and regulators, enabling them to combat money laundering more effectively.
Furthermore, the bill will empower the Financial Intelligence Unit to gather crucial information for combating crime and establish a new financial sanctions supervisory regime to fund the AML/CFT efforts.
While ramping up its anti-money laundering regime, the New Zealand government is working to remove unnecessary compliance requirements for lower-risk customers and entities. Two proposed amendments containing such revisions are currently under review.
“This government is serious about targeting criminals, not tying up legitimate businesses in unnecessary red tape,” McKee said.
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