Damaged Collateral

U.S. banks are getting out of the business of international remittances -- cash transfers -- because law enforcement requirements to prevent and monitor terror funding and drug money laundering are becoming too irksome. Guess who will be hurt by this. Drug smugglers? Nope. Terrorists? Uhn-unh. Mexicans and to a lesser extent Central Americans? Yep. Because cash transfers to Latin America make up by far the largest share of remittances. And ordinary people are far less apt to have the resources to negotiate around petty bureaucratic obstructions.

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