By Brett Wolf, Compliance Complete
NEW YORK, Sept. 6 (Thomson Reuters Accelus) - A Justice Department memorandum circulated last week that gave U.S. states leeway to experiment with pot legalization failed to address the provision of financial services to marijuana dispensaries, which suggests the Obama administration still is not prepared to allow money from state-recognized pot sales to flow into banks and other financial institutions, money-laundering policy experts said.
“The Justice Department could have gone the next step and at least applied its new standards to financial transactions that derive from medical marijuana proceeds. That at least would have been an attempt to take the burden away from the financial services community to make some very difficult determinations,” said Peter Djinis, a former regulatory policy official with the U.S. Treasury Department’s anti-money laundering unit, the Financial Crimes Enforcement Network (FinCEN). (more…)