WASHINGTON, Jan. 17, 2018 /Weed Wire/ – Following the January 4 announcement by the U.S. Department of Justice to withdraw the Cole guidance, today Representatives Denny Heck (WA-10) and Ed Perlmutter (CO-07) sent a letter to U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) requesting they preserve the 2014 guidance for marijuana-related businesses to operate under the Bank Secrecy Act.
Tag Archives: Treasury Department
When the U.S. Justice Department said last week it was reversing policy on the $7 billion marijuana business, it failed to first notify federal officials who advise banks in states where the drug is legal, sources in Congress said.
It seems the advent of the Trump Administration has yet to dissuade banks from serving state-legal marijuana businesses. According to a marijuana banking update issued by the Financial Crimes Enforcement Network, a growing number of financial institutions are banking marijuana money in the United States.
Governors from the first four states to legalize recreational marijuana are asking the Trump administration to let the pot experiments continue.
The prospect for a market of such scale is adding urgency to calls for a national approach to marijuana that expands banking options. Law enforcement and Federal Reserve officials have expressed concern about the fraud and crime associated with un-bankable cash.
Fourth Corner has not opened, and it is not clear when it will. The problem is with the Federal Reserve master account.
On July 16, 2014, Congress made a historic move to ease restrictions on banks and to allow them to conduct business with marijuana-related business. The measure was passed as an amendment to a Treasury Department appropriations bills, H.R. 5016 and it was sponsored by Reps. Denny Heck, D-WA, Dana Rohrabacher, R-CA, Ed Perlmutter, D-CO, and Barbara Lee, D-CA.