Banks Speak Against UIGEA
Evidently the banks are once again speaking out against the enforcement of the Unlawful Internet Gambling Enforcement Act (UIGEA). In the past, and during a recent round table discussion published about in the Financial Times, the banking industry has verbalized many concerns pertaining to the development and enforcement of the UIGEA as it stands now, even pointing out the fact the current descriptive wording would force the banking industry to mimic law enforcement officers. This newly attached responsibility would force the banking officials not only to be aware of the often conflicting state vs. federal laws pertaining to online gambling, but to become intuitive of the person who is moving the banking funds, and their motivation. This would become one of the costliest laws on the books for the industry as a whole. Not to mention it would create a level of chaos that would reverberate down through their customer base.
The Department of the Treasury has published the entire report at Financial Services Roundtable.
On a side note – if the banks have doubt in the enforceability of this law, why are the politicians so confident of it’s viability?
Department of Treasury Online Gaming Online Poker Rooms onling gambling law UIGEA
