Banks, credit unions may not accept ganja money

Government’s proposed medicinal cannabis industry is facing a big stumbling block.

Commercial banks have signalled they are unlikely to accept one cent of money associated with the sector’s various activities, warning that doing so would jeopardise their correspondent banking relationships overseas.

As it now stands, credit unions, which are customers of the banks, and like them have to comply with various anti-money laundering/countering financing of terrorism (AML/CFT) requirements, would also have to say no to the new sector.

THE NATION confirmed that in light of this major hurdle, the Mia Mottley administration is contemplating a solution, and plans to meet with compliance leaders at the parents of the five commercial banks operating in Barbados. (SC)

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