The New Unlawful Internet Gambling Act Explained
Online gambling law in the US clarified.
Over the last couple of months there has been a great deal of hype concerning the new law passed and also many rumors regarding exactly what it can and does not do.
Perhaps one of the very significant misconceptions could be the simple fact that the new law doesn’t make online gambling anymore illegal than it was earlier.
It’s all in this name gclub.
“Unlawful Internet Gambling Enforcement Act”.
The Unlawful Internet Gambling Enforcement department itself starts on page 213, (the act itself could be found on the congress website)
As its name suggests its main objective is that the authorities of the present internet gambling laws.
The law makers, (congress), have made it an offence for most
institutions to get money from websites which are breaking US laws, (on internet gambling).
The bill simply applies to the mechanism of funding some other Internet gambling that is already deemed to be prohibited. Let me clarify that last point, all of the action does is enforce the current legislation by telling financial institutions that they are responsible if the money that they handle originates from a site that broke US legislation in the first place.
, if it was not illegal previously, it still isn’t.
The principal issue is that internet gaming is illegal, (to a various level) in 11 countries, so now the banks need to make sure that they don’t cover websites that accepted that illegal money.
Sportsbetting was made prohibited manner back in 1961 by the Wire Act, but online gaming is not.
Where on earth.
Yet another significant drawback of the law is the jurisdiction, the US congress does not have jurisdiction to create rules for a business which resides overseas.
Nor does the US have subpoena power to command an offshore business to turn over records. Just just how do they tell where the cash comes out of?
And more to the point how do the financial institutions know whether the cash originates in an illegal process, (from the US), or not.
That very last point explains the hysteria by several financial institutions, they assume that if they cannot tell where the money will come out, (for various reason), they may be charged with a crime at a later stage.