US Tracking Online Gambling Transactions May Help Eliminate UIGEA
When the Unlawful Internet Gambling Enforcement Act was launched in 2006, financial institutions lack cried almost immediately. Representatives of financial institutions spoke to members of Congress, these lawmakers say it would be almost impossible to block online gambling transactions.
Now, lawmakers are working on a law that can help banks to prove their point. Lawmakers are in the process of creating a law requiring the monitoring of all international money transfers. This is the preferred method of Internet players.
While online poker players are going crazy for the possibility that this could end his streak in their favorite poker rooms online, otherwise you may end up being the final result. By monitoring transactions, the banks are finally able to prove its claim that it is difficult to decipher what are the transactions of online gaming companies.
Most Internet gambling sites use third party processors for their monetary transactions. These processors have altered the code to be detected by the bank. Instead of saying that transactions are betting on the Internet, different businesses will be listed in the code.
All the time, banks have told the government that, because the codes will be unable to stop gambling operations, primarily because they have no idea that such transactions are in progress. With a real list of these operations, lawmakers could end up seeing the error that is the UIGEA.
The law is being created to stop the terrorists to be financed by countries outside the U.S., so poker players are not the main objective of the law. The players are tired, however, considering that they were the target of the UIGEA either.
The UIGEA was an add-on bill that was placed with a measure of border security. The border security measure passed, therefore the creation of the UIGEA. Democratic leaders like Rep. Barney Frank, has been trying to have the UIGEA overturned, and may have to achieve that goal the same way the law was created.
Rep. Frank has approved a bill by the House Financial Services Committee to cancel the UIGEA and pave the way for an industry regulated Internet gambling in the U.S.. The bill is not expected to reach the House before the midterm elections.
It is widely speculated that after the midterm elections, Democrats lost control of the House. If that happened, it is unlikely that the Frank bill would pass. Given the political landscape, Democrats could choose to set the law of Frank to a jobs bill and pass it during a lame duck session.