New Zealand’s $3,000 Cap on International Cash Transfers: A Money Laundering Buster or a Crypto Killer?

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Oh, New Zealand, how you’ve captured our attention with your latest financial endeavour! 🤑 The Land of the Long White Cloud is preparing to impose new limits on international cash transfers, all in the name of combating serious financial crimes. 🕵️‍♂️

Associate Justice Minister Nicole McKee has announced that the government is taking further steps to overhaul the nation’s anti-money laundering and counter-terrorism financing (AML/CFT) regime. 🚨 The objective? 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.”

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2025-07-10 22:01