UIGEA

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1. • Posted by Tony Gags 2008-11-14 19:52:04
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   • Compliance 12/1/09

     The Department of the Treasury and the Federal Reserve Board today announced the release of a joint final rule to implement the Unlawful Internet Gambling Enforcement Act of 2006. The Act prohibits gambling businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks.

     The Board and the Treasury are required by the Act to develop a joint rule in consultation with the Department of Justice. The final rule requires U.S. financial firms that participate in designated payment systems to establish and implement policies and procedures that are reasonably designed to prevent payments to gambling businesses in connection with unlawful Internet gambling. The rule provides non-exclusive examples of such policies and procedures and sets out the regulatory enforcement framework. For purposes of the rule, unlawful Internet gambling generally would cover the making of a bet or wager that involves use of the Internet and that is unlawful under any applicable federal or state law in the jurisdiction where the bet or wager is initiated, received, or otherwise made.

     Compliance with the rule is required by December 1, 2009.

     http://www.federalreserve.gov/newsev...20081112a1.pdf

     This was passed in another shady move buy the current administration as they try to tie up some of their meaningless and protectionist policies as they leave. What does this mean for us online grinders? It doesn't mean you can't take money off the sites but it is going to get a lot harder for "the fish" to put money onto the sites. Have any of you followed this? Any lawyers out there who can tell me how long it would take the new Admin to overturn this?

2. • Posted by Ethan 2008-11-16 00:05:38
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   • It's already being worked on. Check out my blog post on it. It seems to me it won't be that hard to overturn, but I'm not sure how high of a priority it's going to be, what with our two wars and crumbling financial infrastructure.

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