As the Trump administration considers removing Financial Crimes Enforcement Network (FinCEN) guidance that has allowed financial institutions to open accounts for marijuana businesses without running afoul of federal regulators, Treasury Secretary Steven Mnuchin offered some insights into how the Treasury Department may respond to the growing area of marijuana banking.
In a speech before the House Financial Services Committee, Mnuchin confirmed that he does not want to go back to the days where legal marijuana businesses were having to carry around “bags of cash” to pay their employees, The Financial Regulatory Report reported. Mnuchin noted with respect to the continued validity of the 2014 FinCEN guidance: “We are reviewing it, but the intent is not to take it down without a replacement that can deal with the current situation. We want to make sure that we can collect our necessary taxes and other things.”
“Secretary Mnuchin’s remarks strongly suggest that the 2014 FinCEN guidance is still effective, and that the Treasury Department is working diligently to craft a new replacement policy that will provide greater clarity for the industry,” the Financial Regulatory Report stated.
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