WASHINGTON — U.S. law enforcement agencies are in talks about steps they may take, under federal law, to allow legal marijuana businesses to have access to bank accounts.
Although the Justice Department in August gave states new leeway to experiment with legalized marijuana, the drug remains illegal under federal law. As a result, under anti-money-laundering rules, banks are prohibited from handling proceeds from marijuana sales.
Deputy Attorney General James Cole said at a Senate Judiciary Committee hearing that the existing situation of marijuana shops operating on a cash-only basis created too many dangers, such as possible robberies or fraud.
The move appears to also be an attempt to limit possible tax evasion, wage theft and the diversion of resources needed to protect public safety
Cole did not say when U.S. agencies would complete their review, or what the possible outcomes were. The Justice Department is reviewing the issue with the Treasury Department’s Financial Crimes Enforcement Network, which targets money-laundering.
Leave a Reply