New York lawmakers are set to crack down on unregulated marijuana shops as fears grow that they are a front for money laundering to Middle East terrorist organizations, such as Hamas.
Concerned politicians are also seeking legislation to help root out the back-door operations, the New York Post reported.
There are believed to be around 1,400 illegal weed stores in New York City, according to Mayor Eric Adams, with the City Council estimating it could actually be up to 8,000.
However, such stores have remained relatively under the radar in part thanks to local laws that govern so-called LLCs, or limited-liability companies.
State Senator Brad Hoylman-Sigal told the Post that terrorists may be benefitting from the flaws in the system.
New York lawmakers are set to crack down on unregulated marijuana shops after fears they are a front for money laundering to Middle East terrorist organizations, such as Hamas
Concerned politicians are also seeking legislation to help root out the potential back-door operations
‘We know LLCs are used to hide and funnel money to unsavory causes and could be used to fund terrorist activities,’ said Hoylman-Sigal, who is the lead sponsor of the LLC Transparency Act.
‘It wouldn’t surprise me if there were individuals or groups of individuals who are financing these shops in a comprehensive manner, but we won’t know until we get to the heart of their ownership,’ he added.
The LLC Transparency Act would require LLCs to report…