Several Latin American leaders have proposed legalizing aspects of the drug trade in recent months, clearly acknowledging that the current strategy in the war on drugs is not working.

They are correct in highlighting the flaws in the traditional approach to battling illicit narcotics, but do we really need to wave the white flag? Or do alternative approaches still exist to curtail the illicit drug trade?

The United Nations Office on Drugs and Crime in Vienna estimates that globally more than 40 percent of cocaine is seized somewhere between production and consumption. It also estimates, however, that less than one half of one percent of laundered criminal money is interdicted worldwide. For too long, the focus of the Drug Enforcement Administration and other law enforcement bodies has been on drug busts, while remarkably little has been done to curtail the money financing these illicit operations. We've been battling the symptoms without truly addressing the underlying cause.

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