New Zealand is preparing to impose new limits on international cash transfers in a bid to strengthen efforts to combat serious financial crimes. Associate Justice Minister Nicole McKee says the government is taking further steps to overhaul the nation’s anti-money laundering and counter-terrorism financing (AML/CFT) regime. The objective is to prevent criminal misuse of the financial system while bringing more clarity and consistency for businesses. “Cabinet has agreed to introduce a bill to strengthen enforcement powers for police and regulators to crack down on those involved in money laundering. It will also establish a new financial sanctions supervisory regime and initiate engagement on a sustainable levy to fund AML/CFT system improvements.” The government wants to place a cap of 5,000 NZD, or $3,000, on international money transfers. The plan also involves preventing criminals from tapping into crypto to move the proceeds of their illicit activities. “An upper limit will be set on how much cash can be transferred internationally ($5,000 per transfer), reducing the ability of the criminal organization to move its funds offshore. We will also make it more difficult for criminals to convert cash to high-risk assets such as cryptocurrencies by banning crypto ATMs.” The Financial Intelligence Unit (FIU) will likewise be authorized to order banks and other businesses subject to the AML/CFT Act to provide relevant information on persons of interest. “Since 2019, the global financial and regulatory landscape has shifted significantly. We need a smarter, more agile AML/CFT system – one that targets criminals’ ability to launder money, while enabling New Zealand businesses to operate efficiently and competitively.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post $3,000 Cap on International Transfers Hitting New Zealand Amid Anti-Money Laundering Efforts appeared first on The Daily Hodl .
