Seattle Times: “For the nascent marijuana industry in Colorado and Washington there is a lot riding on a meeting Thursday in Washington, D.C., of an obscure financial-watchdog group. . . . the next big challenge: getting banking services to pot merchants so they won’t have to conduct all their business in cash. Sen. Patrick Leahy, D-Vt., chair of the Senate Judiciary Committee, implored the Treasury and Justice departments to work together to solve the problem. Now, because pot remains federally illegal, banks are loathe to provide checking accounts and loans to pot merchants for fear of being prosecuted for money laundering. On Thursday, the federal Bank Secrecy Act Advisory Group (BSAAG) will hold its first meeting since the DOJ’s watershed announcement in late August. The meeting is a chance for industry, regulators and law enforcement to have a “frank discussion,” according to a Treasury Department spokesman.”
See also “Federal Officials, Financial Industry Representatives to Address Marijuana Banking Crisis.”
