Lit_Match

Leading Dutch Bank Shuns Cannabis Coffee Shop Accounts
12-19-08|Drug War Chronicle

In yet another sign of the cross-currents buffeting the Netherlands' cannabis industry, a leading Dutch bank announced it was closing the accounts of people who owned coffee shops. The move comes as Dutch social conservatives, including members of the governing coalition, are making increasingly loud noises about criminality in the supply of cannabis to the coffee shops.

Postbank announced the move last Friday. Part of the Dutch financial services giant ING Group, the Postbank has some 7.5 million private account holders and provides current and savings accounts, loans, mortgages, insurance, investments and pensions, making it one of the largest providers of financial services in the country. Postbank has no branches, but some services are available at post offices, and otherwise operates completely through land mail and telephone and electronic banking.

A bank spokesman said that facilitating the marijuana and hashish trade can no longer be considered responsible. In addition to closing existing accounts, the bank will now screen new customers to ensure they are not involved in the cannabis business.

Under Dutch practice for the past three decades, marijuana sales and consumption remains technically illegal, but tolerated in practice through the licensed coffee shop system. But the Dutch system does not provide for a legal source of supply to the coffee shops, thus providing an opening for organized crime groups to get involved.

The move by Postbank sparked an angry response from the coffee shop trade association, the Cannabis Retailers Union. The group condemned the bank for what it called a hypocritical and moralistic crusade. The retailers noted that the bank is not canceling loans or mortgages made to people in the trade because that could impact its bottom line.

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joshpackr

Dutch Marijuana policy is rather screwed up. The shops can sell herb as long as long as they adhere to the rules but they still have to purchase their inventory on the black market. That's pretty messed up.