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Monday, January 20th, 2014

Big Banks Launder Hundreds of Billions of Illegal Drug Cartel Money … But Refuse to Provide Services for Legal Marijua

Author:    
Source:     WashingtonBlog
Publication Date:     January 14, 2014
Link: Big Banks Launder Hundreds of Billions of Illegal Drug Cartel Money … But Refuse to Provide Services for Legal Marijua
Stephan:   You have probably noticed in stories about Colorado that the newly legal Marijuana business is run on a cash only basis because banks will not provide banking services. And you may remember the piece I ran the other day about how the government secretly was in league with one of the major Mexican drug cartels. That led me to wonder whether the banks also had a secret deal. And, once again, a little digging turned up evidence that this was the case. This makes the hypocrisy of the entire War on Drugs even more blatant and its inherent racism even more evident. Nothing about the War on Drugs is what it appears, except the destruction of hundreds of thousands of families and the endless incarceration of Black and Brown kids.

The big banks have laundered hundreds of billions of dollars for drug cartels. See this, this, this, this, this and this (indeed, drug dealers kept the banking system afloat during the depths of the 2008 financial crisis).

The HSBC employee who blew the whistle on the banks’ money laundering for terrorists and drug cartels says said: ‘America is losing the drug war because our banks are [still] financing the cartels’, and ‘Banks financing drug cartels … affects every single American’.

And yet the banks refuse to provide banking services for LEGAL marijuana in states like Colorado which have blessed the sale of pot.

The Feds are a big part of the problem. After all, they support some ruthless, criminal drug cartels.

On the other hand, the sale of marijuana is still illegal under Federal law pursuant to the Controlled Substances Act, 21 U.S.C. § 801 et seq.

This is true even in California and other states which have allow medical or recreational marijuana. U.S. v. Oakland Cannabis Buyers’ Co-op (2001) 532 U.S. 483 (medical necessity is not an exception to 21 U.S.C., §841(a)(1) governing the federal prohibition against manufacture and distribution of marijuana).

As the New York Times reported in May of 2011:

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