Businesses known as "informal value transfer systems" (IVTS), often provide excellent service. IVTS tend to be cheaper, quicker, and provide greater anonymity than formal channels. But IVTS may also have a darker side—the anonymity they provide make them susceptible to abuse by criminals trying to hide drug money and other illicit funds. This Note seeks to address these problems, particularly in the remittance context, by proposing that policy makers focus on encouraging consumers to use formal, transparent money transfer channels. This Note argues that the best approach to money laundering is making compliance easier and cheaper. The author proposes the United States simplify its current regulatory regime through the enactment of a national scheme that seeks to make formal channels more competitive.
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