Sharing Links
Recent Articles
- Ronaldo, World Football Challenge coming to Vegas
- Broadway Theater opens at New York New York in Vegas
- MGM 7 Day Sale Ends tomorrow - Here's what you can save
- Tyson's show debuts to so-so reviews, closes tonight
- Relax, everyone - Donny Osmond is back at the Flamingo
- Jersey Boys arrive in Paris (Las Vegas)
- Celine Dion Ok'd to return to singing
- Is it going to rain on our St. Paddy's parade? Sure looks like ...
- Gameworks closes on the Vegas Strip
- O'Sheas to close April 30
Officials question the clarity of the UIGEA
- 4-2-2008
According to Federal Officials, the U.S prohibition on Internet gambling is so hazy and unclear that put it into practice will be a nightmare. The UIGEA bill was voted by the Congress in 2006 when Senate Republicans pushed the Majority Leader Bill Frist and attached the project to a not related National Security bill.
"I think it is very difficult without having more of a bright line about what is intended to be unlawful Internet gambling. The challenge we have is interpreting something, particularly federal laws, that Congress themselves isn't sure what they mean “said Louise Roseman, head of the Federal Reserve's bank operations division.
The UIGEA clearly prohibits Internet gambling and other ways of gaming including online sportsbetting, online poker and online casinos but doesn't include a clear classification of the games and activities prohibited. The UIGEA forbids financial institutions from dealing with gambling by preventing gamblers from using credit cards, checks and other forms of electronic fund transfers to fund online gambling accounts.
"Online gambling businesses can disguise themselves, the UIGEA makes the financial institutions the police, prosecutors, and judges in place of real law enforcement officers." said Wayne Abernathy, member of the American Bankers.
"A rather bizarre piece of legislation," said House Financial Services Committee Chairman Barney Frank, D-Mass.
The regulations planned by the U.S. Treasury and the Federal Reserve require the financial institutions to check the nature of its customer's business and to make sure they are not processing illegal Internet gambling payments. The problem is that neither the Congress, U.S Treasury nor Federal Reserve have issued a formal definition of illegal online gambling. Poker players argue that poker is not covered in the bill, hose-racing was strangely exonerated by the Congress, which is a bit contradictory since online wagering on horse races is against the law. Nevada casino industry is impartial about the regulations; however, they have supported a bill written by Rep. Shelley Berkley, D-Nev., which advocates for a more intensive study on online gambling.
