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UIGEA Regulations Finally Published |
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Sunday, 07 October 2007 |
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The United States government – after missing its 270-day deadline – finally published this week a document that is intended to support legislation of the Unlawful Internet Gambling Enforcement Act that was signed into law last year. The 52-page document, put out by the US Treasury and the American Department of Justice, essentially bans financial transactions between banks and online gambling companies although does not specifically name these companies. Comments on the document are invited until December before it is adopted by the law.
The proposal emphasizes the requirement for banks to stop any debit or credit transactions to online gambling companies, however does not ban outright the use of checks to these same firms. American banks are reportedly satisfied with the document, noting that the government did not request the impossible from them and actually took a practical and pragmatic approach to the entire issue. |
