Treasury Dept. issues guidelines for banks to serve legal pot dealers

http://www.rawstory.com/rs/2014/02/14/treasury-dept-issues-guidelines-for-banks-to-serve-legal-pot-dealers/



Treasury Dept. issues guidelines for banks to serve legal pot dealers
By Agence France-Presse
Friday, February 14, 2014 16:17 EST

U.S. regulators on Friday told banks they can allow marijuana dealers to open accounts, as states around the country begin to legalize the drug for medical and in some cases even recreational use.

Wary of being caught up in “drug money” crimes, banks had been reticent to have dealings with legal vendors of pot since the state of Colorado allowed its sale for recreational use in January.

But the US Treasury spelled out how banks could have dealings with the vendors without being hit with money laundering or other charges.

Noting that 20 states so far have legalized some aspect of marijuana use despite federal laws against it, the Treasury’s Financial Crimes Enforcement Network (FinCEN) said banks could work with licensed marijuana growers, processors and vendors.