March 20, 2018

In this article, Jenner & Block Partners Reid J. Schar and Wade A. Thomson and Associate E.K. McWilliams observe that federal agencies are using anti-money laundering laws to police transactions involving cryptocurrency and proceeds from the sale of cannabis.  The authors offer background on cryptocurrency – digital currencies that are not issued by any central authority – and the basics of the Bank Secrecy Act (BSA).   And they highlight two cases in which the government cracked down on cryptocurrency and cannabis proceeds.  “Anyone subject to the requirements of the BSA, including cryptocurrency exchanges, marijuana-related businesses, or those who do business with cryptocurrency businesses or marijuana-related businesses, should take note of these enforcement actions,” the authors write.