Marijuana banking regulations on the wayJanuary 23, 2014 @ 3:34 pm
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 This material may not be published, broadcast, rewritten or redistributed.)
A family fights to get back Buddy after he was mistakenly adopted to someone else
50 Years Ago
A legendary DJ tells the story of The Beatles' first Seattle show
The SR 99 closure will cause big backups across Seattle for next 4 days
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.