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- UIGEA enforcing rules may be beneficial for the gambling industry
UIGEA enforcing rules may be beneficial for the gambling industry
- By News Updates
- Published 11/14/2008
- Gambling Law and Legislation , Gambling
- Unrated
The
In the article published a
few days ago, the Kansas City Star notes that the new enforcement rules do not
clarify which transactions are "legal" as opposed to
"illegal", besides, the Treasury Department has instructed that banks
are not required to check payments related with online gambling activities, so fundamentally,
the regulations only apply to deposits. Under rules approved by the
Treasury Department, the term "restricted transaction" would not limit
funds going to the gamblers, and would only include funds paid to Internet
gambling business and only if the money is going from a bank to a gambling
business account.
Also, the regulations state
that there are no procedures to identify and block
And since these rules won’t
become effective until December 2009, there is still plenty of time to apply
modifications such as the bills introduced by Congressman Barney Frank and The
Interactive Media Entertainment & Gaming Association, which is currently trying
to amend the UIGEA enforcement in the
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