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As states legalize pot, FinCEN urged to update guidance

Joe Mont | December 14, 2016

With marijuana use, either medicinal or recreational, already legal in 29 states, a bipartisan team of U.S. senators is urging the Treasury Department’s Financial Crimes Enforcement Network to take further action to ensure that vendors working with legal marijuana businesses do not have their banking services taken away. Landlords, chemists, security companies, and more have had their bank accounts frozen for doing business with state-sanctioned marijuana businesses

Among those signing the letter were senators Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), Ron Wyden (D-Ore.), Kirsten Gillibrand (D-N.Y.), Patty Murray (D-Wash.), Bernie Sanders (I-Vt.), Al Franken (D-Minn.), Angus King (I-Maine), Lisa Murkowski (R-Alaska) and Cory Booker (D-N.J.).

“Most banks and credit unions have either closed accounts or simply refused to offer services to indirect and ancillary...

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