New Zealand to Ban Crypto ATMs, Restrict Crypto Transfers in Anti-Money Laundering Reform

PANews reported on July 9 that according to Decrypt, the New Zealand government is making major reforms to curb money laundering and criminal financing, so New Zealand will stop using cryptocurrency ATMs and set the international cash transfer limit at $5,000. On Wednesday, Deputy Minister of Justice Nicole McKee announced the latest anti-money laundering and counter-terrorist financing system reform plan. The government plans to propose a new bill to expand the law enforcement powers of the police and regulators, enable financial intelligence agencies to collect more financial data on key personnel, and negotiate on the collection of system funds. McKee said that the government is determined to combat crime and will not set too many obstacles for legal businesses. It wants to make New Zealand a place where legal business is easy to conduct and criminals are difficult to hide. The reform of setting a transfer limit is precisely to combat the outflow of criminal funds while protecting legal electronic transfers.