The New Zealand government wants to ban the ATMs for encryption in reforming the AML/CFT system

The New Zealand government plans to ban the ATMs for encryption as part of a comprehensive reform to wash it to combat funds and counter terrorist financing (AML/CFT) system.

The government wants to target the means used by criminals “to convert money into high -risk assets such as cryptocurrencies,” he said. Announcement of Assistant Minister of Justice Nicole Makki Wednesday.

Makki also suggested setting up the upper limit of $ 5,000 New Zealand ($ 3000) For international cash transfers to make it difficult for criminals to transfer their money abroad.

She added that the Council of Ministers submitted a bill to strengthen police enforcement authorities and enable the organizers to “eliminate” the participants in money laundering.

“The new approach will provide more clarity and consistency for companies while maintaining a strong focus on preventing criminal misuse of the financial system,” Maki said in a Wednesday announcement.

ATMs allows users to purchase the cryptocurrency by inserting cash or a banking card and delivering the encryption to a portfolio of their selection. It is somewhat mature of criminal activity. For example, the scammers may announce the goods offered for sale online, and direct their buyer to deposit money to a specific portfolio and then disappear.

As such, they underwent strict regulatory control in a number of countries, Like a New Zealand neighbor Australia.

There are about 38,505 ATMs installed around the world, According to the ATM radar of the currencyIncluding more than 30,000 in the United States

New Zealand has 221, according to the same site.

Read more: Australia is cracking on the ATM providers for encryption while the elderly fraudsters target