|According to the Safe And Secure Internet Gambling Initiative, rules proposed by the US Government to prevent online gambling under the Unlawful Internet Gambling Enforcement Act (UIGEA) 2006 would place a high burden on American financial institutions.|
Based in Washington, DC, the Safe and Secure Internet Gambling Initiative is backed by some of the industry’s largest companies and organisations including GamCare, The European Gaming and Betting Association and The Remote Gambling Association.
The lobby group released an advisory report from law firm Alston and Bird this week that concludes the new rules for online gambling would place unfair burdens on financial institutions. It said that the national firm found that, under the proposed rules, US residents would be able to circumvent regulations and continue gambling online by processing their transactions through foreign banks in jurisdictions where Internet gambling is legal.
'The proposed rules create an unprecedented and unwieldy regulatory burden on the US financial services sector,' said Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative.
“US financial service companies are being left to interpret ambiguous state and Federal gambling laws, which do not clearly differentiate between legal and illegal Internet gambling activities or transactions and then implement unreasonable and costly solutions to achieve compliance.'
Instead, the pro-gambling group said that it would like to see legislation regulating and taxing online gambling and said that the United States could collect billions in revenue if the Government lifted its the ban.