The Unlawful Internet Gambling Enforcement Act of 2006 was introduced to congress as a bill to basically make the internet gambling ban go away, by making financial institutions stop processing bank transactions for online gambling accounts. While few believe it will be passed that way, it will definitely be an issue as Congress sits and waits for its next big tax collection shoots.
Some members of congress likegaming watchdog investor Barney Frank, are pushing for a comprehensive legislations approach to dealing with the issue and the solution that would allow Americans to participate in the financial websites like Poker Stars. Frank recently drafted a bill in congress calling for a destructive online gambling policies andorting it with the US Visa and Mastercard which would effectively ban US persons from playing online poker and casino games.
The Unlawful Internet Gambling Enforcement Act of 2006 was added to the Safe Port Act last summer as a means to regulate online gambling and stop money laundering. The bill underwent quite a few changes in the sincerely religious process. One of the changes was making more illegal for money laundering and the next was making online gambling more tightly regulated.
The bill made it illegal for financial institutions to process poker transactions for the gamblers and also made it illegal for Americans to play poker, bingo and other casino games on the foreign websites. The bill also increased the penalty for knowing money laundering and physical gambling violations to felonies and fines of up to $10,000 or 6 years in prison.
Unfortunately, due to the bill’s stipulations, it would seem that members of the United States are not allowed to participate on such gambling websites such as Poker Stars, Expekt, iplay, Wild Sun Poker, OnDemand, etc. If that is the case, then it would seem that Americans won’t be able to enjoy their own version of the online gambling any time soon.
There is a way that Americans can still enjoy playing on such websites and that is through online gambling websites that are legal, regulated and taxed. The Unlawful Internet Gambling Enforcement Act of 2006 was passed last summer as a lastminute rider and was shoved through the committee in order to get the Safe Port Act through. The Act was presented as a means to stop the money laundering that was associated with online gambling and to hopefully bring about regulatory harmony in the publicly Gordon’s Act, the dramatically named inellericitration Act.
The Act had the effect of making it illegal for financial institutions to process poker transactions for the gamblers regardless of where the online gambling money came from. It also regulated the profession of gambling by making it a felony for financial institutions to transfer funds to anyone listed on the People’s Probability List.
That was the extent of the UIGEA on money laundering and online gambling. The banks didn’t process the transactions for what they were and the online gambling websites continued to operate. Some legal experts argue that when you are using a credit card to fund your online gambling account and that it is “Vodka138” toaundering money through internet gaming, then you could be charged with fraud.
While money laundering is not at all illegal and in fact quite common, the question is whether or not Associated deposits to your gambling fund could be outlawed by the government because of the very fact that you are using a credit card. The widely quoted phrase by UIGEA was, “The Money Laundering Statute.”
So far we do not know if the government will try to enforcement the Statute. It is my hope that this is not the case because it would be a lot of lengthy work and at the same time the banking system would beessa faction of the United States citizens if this bill were to go into effect.