Marijuana banking regulations on the way

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.


(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • At the Finish Line
    The man who saved horse racing in Washington tells Dori Monson why he's stepping away

  • Week In Photos
    Stunning images from around the world this week
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.