When the federal government issued guidance regarding banking regulations for legal marijuana businesses on Feb. 14, the news was initially hailed as a historic moment for pro pot supporters.
But the buzz on the streets changed after closer scrutiny of the new guidance from the U.S. Treasury Department's Financial Crimes Enforcement network and an accompanying Feb. 14 Department of Justice memo.
The documents lay out additional policing responsibilities beyond those typically imposed by the Bank Secrecy Act and warn that financial institutions – and legal pot merchants – could be prosecuted if they don't adhere to the eight federal priorities laid out in a 2013 memo by Department of Justice.
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