U.S. to implement rules for Internet gambling ban
US to implement rules for Internet gambling ban
WASHINGTON (AFP) — US authorities unveiled rules Monday to implement a law passed last year banning Internet gambling, which would prohibit payments made through US-based banks, credit cards and other systems.
The US Treasury and Federal Reserve announced a joint rule to implement the Unlawful Internet Gambling Enforcement Act passed by Congress last year.
The legislation was aimed at clearing up any ambiguity about whether Internet gambling is illegal. But banks and other financial groups were awaiting the rules to determine what procedures they need to have in place.
The proposed rule, which is subject to revision after public comment, would require US financial firms "to have policies and procedures that are reasonably designed to prevent payments being made to gambling businesses in connection with unlawful Internet gambling," according to a joint statement by the agencies.
US officials argue that any bets made in the United States, even at offshore websites, violate the law.
But the US ban on Internet gambling has been challenged as an unfair trade restriction at the World Trade Organization, which has ruled in favor of a complaint by Antigua & Barbuda. The US is appealing the decision.
WASHINGTON (AFP) — US authorities unveiled rules Monday to implement a law passed last year banning Internet gambling, which would prohibit payments made through US-based banks, credit cards and other systems.
The US Treasury and Federal Reserve announced a joint rule to implement the Unlawful Internet Gambling Enforcement Act passed by Congress last year.
The legislation was aimed at clearing up any ambiguity about whether Internet gambling is illegal. But banks and other financial groups were awaiting the rules to determine what procedures they need to have in place.
The proposed rule, which is subject to revision after public comment, would require US financial firms "to have policies and procedures that are reasonably designed to prevent payments being made to gambling businesses in connection with unlawful Internet gambling," according to a joint statement by the agencies.
US officials argue that any bets made in the United States, even at offshore websites, violate the law.
But the US ban on Internet gambling has been challenged as an unfair trade restriction at the World Trade Organization, which has ruled in favor of a complaint by Antigua & Barbuda. The US is appealing the decision.