Presentations - Inaugural Conference with Financial Institutions
Legislative Landscape
The Cannabis Act was passed in June 2018 and came into force on October 17, 2018. This legislation creates a framework for legalizing and strictly regulating cannabis in Canada Federal and provincial governments have different responsibilities in terms of oversight and licensing Provincial distribution schemes vary across the country It is important for us to transact only with legitimate and properly licensed Canadian cannabis entities
Canada
Marijuana is illegal in the U.S. at the federal level (schedule 1 drug) , regardless of where and for what purpose it is used Over half of the states in the U.S. have legalized the use of marijuana to some extent despite the fact that it remains federally illegal The inconsistency between federal and state laws, and the uncertainty surrounding possible federal prosecution have resulted in the reluctance of financial institutions to bank this industry As a result of the federal illegality, transactions with U.S. marijuana-related businesses (USMRBs) can be violations of U.S. money laundering laws Preventing and detecting direct or indirect financial interactions with USMRBs is critical to our ability to mitigate U.S. AML risk
U.S.
Caribbean
Several changes are taking place within the Caribbean regions and we will continue to monitor the legislation.
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