[Source: NY Times]
The
Obama administration on Friday issued guidelines intended to give banks
confidence that they will not be punished if they provide services to
legitimate marijuana businesses in states that have legalized the
medical or recreational use of the drug, even though it remains illicit
under federal law.
The
guidance, which requires banks to vigorously monitor their
marijuana-industry customers, was provided by the Treasury Department
and the Justice Department in separate advisories. The policy does not
grant immunity from prosecution or civil penalties to banks that serve
legal marijuana businesses. But it directs prosecutors and regulators to
give priority to cases only where financial institutions have failed to
adhere to the guidance.
Still,
the banking industry was quick to say that the new guidelines would not
be sufficient to make banks feel at ease about opening accounts for or
granting loans to marijuana businesses because the drug would still be
illegal under the federal Controlled Substances Act.
Past Related Articles:
No comments:
Post a Comment