EU: Leading Dutch Bank Shuns Cannabis Coffee Shop Accounts
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.
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