New Zealand is introducing new rules to limit how criminals move money through the financial system.
One of the key changes is a nationwide ban on cryptocurrency ATMs. The government is also setting a NZ$5,000 limit on cash sent overseas.
Associate Justice Minister Nicole McKee explained in a July 9 press release that the decision was part of a review of laws related to financial crimes.
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McKee stated in a statement:
We will also make it more difficult for criminals to convert cash to high-risk assets such as cryptocurrencies by banning crypto ATMs.
She added that the goal is to target crime while ensuring that regular businesses are not burdened with unnecessary regulations.
The plan also gives the Financial Intelligence Unit (FIU) more authority. The unit will be authorized to request ongoing information from banks and other financial services about customers who show signs of suspicious activity.
Two bills supporting these reforms are already in Parliament and are expected to become law by the end of 2025. McKee said the laws will ease some of the reporting requirements for businesses, which will help reduce unnecessary work while maintaining security standards. She said:
This is not about dropping standards, it’s about applying them intelligently.
On July 6, President Volodymyr Zelenskyy signed an order penalizing individuals and companies that facilitate the transfer of money to Russia through cryptocurrency. What did it say? Read the full story.
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