SHOULD MONEY LAUNDERING LAWS BE ELIMINATED?
If you are in business and the government will not allow you to open a bank account, what do you do?
Thirty years ago, almost anyone could walk into a bank and open a bank account with no questions asked. But now it is increasingly difficult for honest people and businesses to open bank accounts because of all the new regulations on banks, which are intended to make life more difficult for terrorists, drug dealers, child pornographers, money launderers and other assorted criminal types.
Many of those who are involved in the legal Colorado marijuana business — growers, processors and retailers — have found it impossible to get bank accounts, so they have been forced to deal in cash. As a result, armored cars go around to the various pot businesses, pick up the cash and put it in a hopefully secure warehouse.
The business is growing rapidly, so literally billions of dollars of cash are being transported and hidden in Colorado alone. Once the marijuana businesses get up and running in all the states that have made it legal, there may well be more than $100 billion in physical cash sloshing around — for this one type of business alone — making it ripe for theft, armed robbery and, of course, tax evasion.
The need to do everything in cash creates new industries, both legal and illegal.










