Treasury, DOJ Clear Banks To Serve Marijuana Businesses

Law360, Washington (February 14, 2014, 6:44 PM EST) -- The U.S. Department of the Treasury and U.S. Department of Justice on Friday issued guidances clarifying that they won't target financial institutions for providing banking services for marijuana-related businesses in states that have legalized sales of the drug, either for recreational or medical purposes, as long as they adhere to certain legal obligations.

In its guidance document, Treasury’s Financial Crimes Enforcement Network, or FinCEN, indicated that banks may provide services to state-sanctioned marijuana-related businesses, even though the drug is still illegal under federal law, as long...
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