New Zealand Government Want to Ban Crypto ATMs in AML/CFT Regime Overhaul
New Zealand’s government plans to ban crypto ATMs as part of an overhaul of its anti-money laundering and countering the financing of terrorism (AML/CFT) regime.
The government wants to target the means criminals use to “convert cash to high-risk assets such as cryptocurrencies,” according to an announcement by Associate Justice Minister Nicole McKee on Wednesday.
McKee also proposed setting an upper limit of 5,000 new zealand dollar ($3,000) for international cash transfers to make it harder for criminals to move its funds offshore.
The cabinet has introduced a bill to strengthen the police’s enforcement powers and enable regulators to “crack down” on those involved in money laundering, she added.
“The new approach will deliver more…
