WASHINGTON—Colorado’s two senators, Sen. Michael Bennet (D) and Sen. Cory Gardner (R), have sent a letter to the Financial Crimes Enforcement Network urging it to retain its Feb. 14, 2014 guidance for financial institutions that serve marijuana businesses.
In the letter, the senators warned that repealing this guidance could increase the amount of cash used by marijuana businesses, raising public safety issues and reducing the oversight and transparency of marijuana transactions, Weed News reported.
The 2014 guidance outlined how banks and credit unions can serve marijuana businesses and dispensaries while remaining in compliance with the Bank Secrecy Act. In doing so, it has reduced the amount of cash used by customers and businesses, increased public safety, improved government compliance, and enabled law enforcement to better deploy resources, Weed News explained.
Bennet and Gardner also introduced the Secure and Fair Enforcement (SAFE) Banking Act of 2017 to ensure that legal cannabis businesses can access banking services.