Government Asks That Banks Report on Legal Medical Marijuana Shops
Federal regulators stepped into a hornets nest recently when they ordered banks in California's famed Emerald Triangle area to spy on transactions made by medical marijuana businesses. Las Vegas medical marijuana doctors fear that they could be on the next federal hit list.
In what amounts to a heavy-handed attempt by government regulators to crack down on California's booming medical marijuana business, the federal government has asked banks in the area to report back on dispensaries who they feel are “drug traffickers and money launderers,” which under federal law would include anyone with medical marijuana related banking activities. This is a pretty strong stance by the federal government and just another way for them to control medical marijuana.
Medical marijuana doctors in Nevada watch from from a cautious distance as their neighbors are stripped of their rights and forcible denied access to banking institutions. The banks – so far – have not been ordered to completely shut off business with dispensaries, but they are choosing to shut down accounts and avoid the hassles of reporting a long list of transactions to federal authorities. So far, banks such as Wells Fargo, Savings Bank and the Exchange Bank along with other operations in Sacramento and San Joaquin are struggling to comply with the government's orders. This amounts to a full scale assault on medical marijuana dispensaries in California, and there's not telling when the fight could make it's way to Medical marijuana clinics in Nevada. But, doctors that recommend marijuana in Nevada are all ready planning a way to handle any efforts by federal regulators to disrupt what the people have voted for.
The Emerald Triangle region is famous with everyone from doctors that recommend marijuana in Las Vegas to coffeeshop owners in Amsterdam. The government estimates that as much as 70% of the money generated in the Emerald Triangle is directly related to the cultivation and sell of marijuana. The largest banks in the area were told to scrutinize deposits made by “high-risk” areas for money laundering. The federal government considers the Emerald Triangle a priority for money laundering.
Medical marijuana doctors in Nevada and advocates around the country are arguing that the federal government's regulations are being used to force banks to enlists in the War on Drugs. These new activities force banks to spend more time and resources in determining if there is evidence of money laundering through marijuana-related businesses. Las Vegas medical marijuana clinics have not had to face this scrutiny, but who knows when the federal government will turn it's eye to Las Vegas.
Some banks are going as far as banning medical marijuana dispensaries from opening new accounts because they would need time-consuming monitoring systems to determine if any illegal activity was going on. It's a sign of the times. You may be able to skip past some regulation but in the end the federal government finds a way. But, so will the Las Vegas medical marijuana community.
Get your medical marijuana card in Las Vegas, NV from a medical marijuana doctor in Las Vegas, NV at www.PatientFirstWellness.com. Call (702) 474-6300 Today!