Final Rule has been introduced in USA to stop Online Gambling

12 November, Wednesday the US Treasury Department and Federal Reserve Board approved new regulations designed to crack down on illegal Internet gambling. In this so-called ‘final rule,’ the US administration summarized the regulations aimed at implementing a specific act passed by the US Congress in the year of 2006 which makes to ban illegal gambling on the net. It was aimed at especially putting teeth into a de facto prohibit on American residents placing online wagers in locations for example Britain Antigua, Canada, and Gibraltar. But the law has already been the target of severe criticism that it likely just an enforcement nightmare. On the other hand, the ban on online gambling has been challenged as an unfair trade restriction at the World Trade Organization. Besides, President George W. Bush’s administration has been accused of seeking to run this new law through before its term expires in 20, January 2009. Moreover, the European Commission has appointed an investigation team in whether the US gambling prohibit distinguished against EU firms.

According to the law, any US banks, credit cards or financial companies cannot handle web gambling bets. Moreover, it particularly prohibits gambling and betting businesses from intentionally accepting payments made through various electronic funds transfers, checks and credit cards. On the other hand, the Treasury Department reported the final rule need US financial firms that take part in designated payment systems. In its word, “Establish and implement policies and procedures that are reasonably designed to prevent payments to gambling businesses in connection with unlawful Internet gambling.” Moreover in a statement it said financial firms have to be in compliance with the new rule, until 1, December, 2009.