The House of Representatives on Tuesday approved a bill that aims to make it easier for Somali-Americans and other immigrants to send money to friends and relatives in their home countries.

The Money Remittances Improvement Act (H.R. 4386) attempts to streamline the regulation of money-services businesses, which are the primary means by which people abroad send remittances to Somalia. The bill authorizes federal and state regulators to share information about money-services businesses and other nonbank financial firms. It also allows the Treasury Department's Financial Crimes Enforcement Network to rely on state regulators' compliance examinations. (MSBs are currently subject to separate Internal Revenue Service and state exams.)

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.