From: The Honorable John Fleming
Sent By:
Date: 7/15/2014

Uphold the Rule of Law

Support the Fleming Amendment

Dear Colleague,

Please join me in supporting the Fleming amendment that stops the U.S. Department of Treasury from implementing February 2014 guidance, BSA Expectations Regarding Marijuana-Related Businesses.

Instead of issuing guidance to reinforce federal anti-money laundering statues, the Department of Treasury, Financial Crimes Enforcement Network (FinCEN) issued a memo instructing banks on ways to accept illegal deposits, even as it acknowledges that banks are legally prohibited from participating in any marijuana transactions, without exception. The very act of depositing drug money runs afoul of federal anti-money laundering laws.

The Bank Secrecy Act (BSA) and federal anti-money laundering laws are unmistakably clear. Any and all financial institutions are explicitly prohibited from engaging in unlawful and illegal activities, including marijuana related transactions. The Controlled Substances Act (CSA) classifies marijuana as a Schedule I substance, categorically restricting its use by prohibiting the manufacture, possession, and distribution of marijuana. Banks, credit unions, and other financial institutions that attempt to finance the marijuana industry or monies derived thereof could be subject to federal criminal anti-money laundering penalties.

FinCen’s guidance does not nor can it offer banks immunity from federal anti-money laundering laws. Any bank, credit union or other financial institution would be prudent to stick with clear federal law and disregard FinCEN’s tips for how to be complicit in illegal commerce.

I urge you to vote YES on the Fleming amendment.




Member of Congress