|
|
|
 |
UIGEA Hearing Allows Banks to Voice Concerns
WASHINGTON, D.C. --
The much anticipated House subcomittee hearing today finally allowed banks to voice their concerns with the UIGEA, an extremely unpopular piece of legislation. Banks were given a rare chance to openly and democratically discuss the issues. For those outside of the banking industry, it shed light on the difficult reality US financial institutions are facing.
"The federal government couldn't stop Americans citizens from betting at offshore casinos, so they decided to put the burden on the banks", said Casino and Gaming industry editor, Lee Rockwell.
Banks in the US are faced with confronting illegal internet gambling. They must decide which transactions are illegal and cancel the credit, performing the job of a web rent-a-cop. This task may seem pretty simple to those outside of the financial industry, but anyone who understands the ease in which companies can mask their products and services, knows stopping internet gambling automatically is next to impossible.
"You can't simply write a program that can filter out online gambling transactions. In order to block these offshore casinos, you would need to manually authorize every transaction by contacting the seller", says Rockwell.
There are simply too many ways that a transaction can be disguised.
Many in the online casino industry are very happy with today's events. The heated discussion brings the debate into the mainstream, something Congress would not allow before secretly attaching the bill to a must-pass piece of legislation back in 2006.
"The banks have finally gotten their chance to speak, now its time for the US government to swallow their pride and create better regulations that will actually help US citizens and businesses", he added.
Previous Gambling Law News Articles
Post A Comment
|
 |
|
|
|
