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U.S. Lawmakers Introduce Bill to Cancel Out Internet Gambling Act
By Brian Orsak
printTwo U.S. Congressmen proposed legislation on Friday that would reverse a ban on Internet gambling that financial institutions have called burdensome and vague. The proposal would forbid the U.S. Treasury Department and the Federal Reserve from enforcing requirements of the Unlawful Internet Gambling Enforcement Act of 2006. The act and subsequent regulations, issued in October, require that financial institutions develop procedures to detect and block transactions involving unlawful Internet gambling operations. Critics say compliance with the 2006 act would unreasonably burden banks with the task of determining whether cross-border payments are illegally going to companies that offer online gambling. Representative...
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