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.”
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