Feds allow banks to handle marijuana money

[Matt Collins]

http://www.youtube.com/watch?v=kb-ItovGtbE

[muh_roads]

They already handle opium money so why not...

[ClydeCoulter]

They already handle opium money so why not...

Shhhhhhhh! That's one of the secrets for national security.

[DamianTV]

It may be a step in the right direction. Its one of those things that held back the Private Sector from conducting legal business and denies the opportunity for those legal businesses (depending on State) to grow due to the existing / previous Federal Regulations. Im not saying to deregulate the Banks entirely as that would be incredibly dangerous. The regulations that are imposed are there to restrict the People, not the Banks themselves.

[willwash]

They probably figured the profits would end up untaxed as crypto currency if they didn't allow it

[tod evans]

Trust those cocksuckers as far as you can drop-kick an anvil!

[JK/SEA]

Trust those cocksuckers as far as you can drop-kick an anvil!

can't be stressed enough.

[ClydeCoulter]

Trust those cocksuckers as far as you can drop-kick an anvil!

You forgot to add the "But don't try this at home".

[fr33]

I have a friend that's vacationing in Colorado starting today that sent us a text with an image of him at a pot store. He was so happy that he got drug tested yesterday.

There is so much money to be made from tourism thanks to this.

[DamianTV]

They probably figured the profits would end up untaxed as crypto currency if they didn't allow it

This is true. Much like Gun Registration leads to Gun Confiscation, this could also be a ploy to get legal Pot Growers to fill in the blanks and play right into the hands of the Feds...

[torchbearer]

since the ruling is by presidential fiat, the banks risk a different president coming in and saying, nope- then confiscate the assets of any bank that didn't donate to his campaign.

[devil21]

Washington Times article says:

http://i0.kym-cdn.com/photos/images/original/000/001/384/Atrapitis.gif

http://www.washingtontimes.com/news/2014/feb/14/banks-warned-they-risk-prosecution-if-they-follow-/



DENVER — Bankers should beware of the Obama administration’s newly issued green light for banks doing business with the legal marijuana industry, according to the head of the Colorado Bankers Association.

Memos released Friday by the Justice Department and Treasury Department’s Financial Crimes Enforcement Network were intended to give banks leeway to open accounts for marijuana businesses in states like Colorado and Washington that have legalized retail pot. Instead, the guidance “only reinforces and reiterates that banks can be prosecuted for providing accounts to marijuana related businesses,” said the CBA in a Friday statement.

Read more: http://www.washingtontimes.com/news/2014/feb/14/banks-warned-they-risk-prosecution-if-they-follow-/#ixzz2tRBsZNG6

[DamianTV]

Feds Want Banks to Spy on Pot Shop Customers
http://www.activistpost.com/2014/02/feds-issue-bank-rules-for-pot-shops-spy.html

Trap.

[surf]

it would be nice if they had a set of balls... tired of hearing about keeping pot from minors being the big goal here. what are they expecting from the tellers? will this motivate congress?

never mind - was a teller years ago when they started requiring large cash depositors (greater than $10k) fill out forms. i'd suggest they make multiple deposits....

[devil21]

Here's the actual memo It references other "guidelines" that are not included in the memo.

http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2014-G001.pdf


Because federal law prohibits the distribution and sale of marijuana, financial transactions involving a marijuana-related business would generally involve funds derived from illegal activity.