New Zealand has announced the ban on automatic cryptocurrency tickets and a ceiling on international cash transfers, according to officials, officials are part of a wider effort to disrupt money laundering and the organization of financial crimes.
In an announcement on Wednesday, the Associate Minister of Justice, Nicole McKee, unveiled the measures within the framework of the government’s overhaul of her anti-whiteness regime and the fight against the financing of terrorism (AML / CFT).
The reform package fully includes the prohibition of automatic distributors of Crypto tickets and the introduction of a limit of $ 5,000 to international cash transfers. Officials say that the two measures are designed to block the avenues used by criminals to move illegal funds.
“We will also make more difficult for criminals to convert species into high-risk assets such as cryptocurrencies by prohibiting automatic distributors of cryptographic tickets,” said McKee in a press release. “This government is serious about targeting criminals, not to link legitimate companies in unnecessary administrative formalities.”
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New Zealand to stimulate financial monitoring
The Financial Intelligence Unit (FIU) will also be granted new powers to require information in progress from banks and other entities reported concerning persons reported for a suspicious activity.
Two LMA reform bills are already in Parliament, which should come before the end of the year. These “will remove some of the heaviest compliance requirements, offering practical relief for companies by the end of the year,” said McKee.
The Government has declared that the relaxation of compliance with companies respecting laws does not mean the decline in standards. “It’s not about lowering standards, it is a question of applying them intelligently,” added McKee.
According to an April report from the ministerial advisory group of New Zealand on transnational, serious and organized crime, criminals have more and more supported on the automatic distributors of cryptographic tickets to quickly convert species into crypto and send it abroad for drug payments or fraud transactions.
Atm Radar Donar corner shows that more than 220 cryptographic kiosks are currently operating across the country.
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Global repression of automatic distributors of Crypto tickets
New Zealand’s repression on automatic Crypto ticket distributors follows a global trend in a meticulous examination around these machines.
Last month, Australia Financial Intelligence Agency, Austrac, introduced new rules for Cryptographic ATM operators, including a ceiling of Australian $ 5,000 ($ 3,250) on cash deposits and withdrawals, stricter surveillance and improved customer checks, in the CRA reports.
Meanwhile, Spokane, Washington, announced a complete ban on automatic distributors of cryptographic tickets. The Spokane municipal council will remove the existing kiosks and will block the new ones, citing their use by fraudsters to target vulnerable residents, especially in low -income neighborhoods.
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