New Zealand is taking decisive steps to combat financial crime, announcing a ban on cryptocurrency ATMs and new restrictions on cross-border transfers.
The move comes as authorities link these ATMs to drug-related money laundering, with 157 machines operating nationwide.
“The financial world has transformed since 2019, and our regulations must keep pace,” said Associate Justice Minister Nicole McKee. “This is about making it harder for criminals to profit from illegal activities.”
The government will also cap international money transfers at $5,000 to prevent offshore fund evasion. Further legislative changes will grant police and regulators enhanced powers to investigate and prosecute money laundering.
