Online Casino News and Gambling News

Casino Bonus

Best Online Casinos

Unlawful Internet Gambling Enforcement Act Rules Deferred

December 3, 2009 - Unlawful Internet Gambling Enforcement Act Rules Deferred

After rumors circulated recently that the implementation of the Unlawful internet Gambling Enforcement Act (UIGEA) was to be postponed for a period of six months it was at last confirmed by the United States Treasury and Federal Reserve. The UIGEA will be postponed until June 1, 2010.

The Treasury is deferring the implementation so as to give banks and financial institutions more time to put the mechanism in place in order to block any unlawful internet gambling transactions. They feel that this is enough time for the financial institutions to have their systems in place.

However, those in support of online gambling are hoping that the next six months will give politicians sufficient time to get their anti-UIGEA pushed through the Senate.

Barney Frank, Committee chairman of House Financial Services, said "This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administratio and to undo this ill-advised law”.

The Interactive Gaming Council Chief Executive, John Kennedy FitzGerald said "IGC hopes that the U.S. Congress will use the intervening time to move U.S. law away from the ambiguous attempts at prohibition contained in UIGEA, and toward a rational policy of licensing and regulation”.

The financial institutions worked alongside Barney Frank, IGC and the Pokers Players Alliance in their effort to get the law overturned.

Republicans Spencer Bachus and Jon Kyl were among many who opposed the deferral as they feel that by simply delaying the compliance date serves no interest except that of the Internet gambling enterprises.

More Casino Articles and Gambling News

Online Gambling & Casino News >>