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Online Casino News: UIGEA Helping Money Laundering?
by Joanne R Tuesday October 27, 2009 at
10:49 PM
Experts have a new take on online casino
gambling. They say that the passage of
the Unlawful Internet Gambling
Enforcement Act or the UIGEA simply made
the problem of money laundering worse.
They say that its government officials
claimed that the passage of the UIGEA
was in part to stop money laundering
from terrorists and mafia related
organizations.
However, they say that by trying to make
it illegal they have simply forced the
reputable payment processing companies
to pull from the theater history leaving
only those companies that do not follow
the letter of the law. Many of these
companies are in fact accused of being
money laundering establishments. If this
turns out to be true then the UIGEA has
just supported money laundering instead
of prohibiting it.
Experts say that reputable payment
processors have been forced from the
industry leading only those of a
reputable nature left to process
Americans' online casino gambling
ventures. The American Bankers
Association says that the law has "no
prospect of practical success" when it
comes to finding the money laundering
epidemic.
They say that they need much stronger
regulations in place to stop this from
taking over the industry completely, and
that they need to work on the ideas for
implementation of online casino gambling
instead of trying to drive it
underground. The banks say that they are
fully in concurrences with the idea of
legalizing online casino gambling as
they know that payment processing will be done promptly
and quickly.
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