Pubdate: Fri, 24 Jan 2014
Source: Denver Post (CO)
Copyright: 2014 The Denver Post Corp
Contact:  http://www.denverpost.com/
Details: http://www.mapinc.org/media/122
Page: 22A

POT BANKING RULES ON WAY, HOLDER SAYS

Washington (AP) - Attorney General Eric Holder says the Obama
administration is planning to roll out regulations soon that would
allow banks to do business with legal marijuana sellers.

During an appearance Thursday at the University of Virginia, Holder
said it is important from a law enforcement perspective to enable
places that sell marijuana to have access to the banking system so
they don't have large amounts of cash lying around.

Currently, processing money from marijuana sales puts federally
insured banks at risk of drug racketeering charges.

Because of the threat of criminal prosecution, financial institutions
often refuse to let marijuana-related businesses open accounts.

The issue has taken on some urgency now that Colorado and Washington
have become the first states to legalize recreational use of marijuana.
- ---
MAP posted-by: Matt