New Zealand’s government plans to ban crypto-money machines as part of a revision of its laundering of money and counteract the financing of terrorism (AML/CFT) regime.
The government wants to target the funds used by criminals to “convert cash to high -risk assets, such as Cryptocurrencies”, according to a message from associate Justice Minister Nicole McKEE on Wednesday.
McKEE also suggested 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 police enforcement powers and enable regulators to “knock down” on those involved in money laundering, she added.
“The new approach will provide more clarity and consistency for businesses while maintaining a strong focus on preventing criminal abuse of the financial system,” McKEE said in Wednesday’s announcement.
Crypto money machines allow users to buy cryptocurrency by inserting cash or a bank card and getting crypto delivered to a wallet of your choice. However, they are somewhat mature for criminal activity. For example, scammers can advertise items for sale online, refer their buyer to pay funds to a particular wallet and then disappear.
As such, they have been subject to strict regulatory supervision in a number of countries, such as New Zealand’s neighbor Australia.
There are about 38,505 crypto -money -makers installed worldwide, according to Coin ATM -Radar, of which over 30,000 are in the USA
New Zealand has 221 according to the same place.
Read more: Australia cracks down on Crypto ATM providers as scammers are targeted at the elderly
