A bearer bond is a type of bond that is owned by whoever holds the physical certificate, or "bearer" of the bond, rather than by a registered owner. Bearer bonds are unregistered, meaning that they do not have the owner's name on them, and can be transferred simply by passing the physical certificate from one person to another. This makes them more anonymous and easier to trade than registered bonds. Bearer bonds have become less common in recent years due to concerns about money laundering and terrorism financing.