Friday, February 14, 2014

Government Sets Marijuana Banking Rules

The Obama administration announced today that rules have been set for banks dealing with those who
legally sell marijuana.

Previously, most banks have refused to work with marijuana dispensaries due to fear of being prosecuted for handling drug money, which has led many to run cash only businesses. As a result, marijuana dispensaries have become targets for thieves looking for a big cash score.

The new rules, which were issued by the Treasury and Justice Departments, are intended to "move from the shadows the historically covert financial operations of marijuana businesses," said Jennier Shasky Calvery, director of the Treasury Department's Financial Crimes Enforcement Network in an interview with NBC News.

Under the new regulations, banks will be required to verify that the marijuana dealers they're working with are properly licensed and will be required to report any signs that dealers are engaging in illegal transactions.

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