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New Zealand will ban cryptocurrency ATMs in its anti-money laundering campaign.
New Zealand's Ministry of Justice is set to ban cryptocurrency ATMs as part of reforms to the legal framework against money laundering and terrorist financing (AML/CFT). This move aims to tighten regulations on financial crime and reduce the burden on legitimate businesses. Deputy Justice Minister Nicole McKee stated that the new legislation will enhance the powers of law enforcement agencies and prevent "serious financial crime." Banning cryptocurrency ATMs will disrupt a popular money laundering method. New Zealand currently ranks eighth globally for the number of cryptocurrency ATMs, with 221 machines. Additionally, the government also intends to limit international cash transfers to 5,000 USD to reduce the potential for illegal money transfers abroad. These changes aim to enhance New Zealand's ability to prevent financial crime.