IS????Treasury Department Poised to Regulate Online Gambling

[oldbookguy]

Not so certain, this is from Gambling911.com. The BOLD part is mine.
Is this a tacit way of moving to allow US based casinos into the online market?

Comments please!!!!

Department of the Treasury’s Financial Crimes Enforcement Network Poised to Regulate Financial Activity for Online Gambling


A new regulation issued by the U.S. Department of the Treasury exempts casinos from having to report currency transactions reports, required for transactions involving $10,000 or more, on jackpots from slot machines, video lottery terminals and other electronic gaming devices. The June 26 regulation is significant because it reaffirms the central role played by the Financial Crimes Enforcement Network (FinCEN) in regulating financial transactions involving casino activity in the United States.

The Internet Gambling Regulation and Enforcement Act, recently introduced by Congressman Barney Frank (D-MA), assigns FinCEN the responsibility to protect consumers and the financial system from the risk of Internet gambling abuses through the introduction of a robust licensing regime.

"It is clear that FinCEN is already regulating financial transactions involving land-based casinos in the United States," said Jeffrey Sandman, spokesman for the Safe and Secure Internet Gambling Initiative. "It makes sense for FinCEN to extend this role to also monitor and regulate the integrity of the Internet version of the gambling industry."

In providing the exemptions, FinCEN reiterated its authority over land-based casinos, noting that they are cash-intensive businesses that include providing customer deposit or credit accounts, transmitting and receiving funds transfers directly from other financial institutions, check cashing and currency exchanging. “As such, casinos are vulnerable to abuse by money launderers, terrorist financiers, and tax evaders.”

Safe and Secure Internet Gambling Initiative

Endorsers of the Initiative include the UC Group and Baker Tilly. Additional endorsers are highlighted on the Safe and Secure Internet Gambling Initiative Web site.

For more information on the Initiative and to read the testimony RGA submitted to Congress, please visit www.safeandsecureig.org

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Gambling911.com News Wire

Originally published June 28, 2007 1:13 pm ET

[WhiteWolf]

The title of that article is seriously misleading. Since Frank's bill hasn't even made it to a committee vote, it's not conceivable that the Treasury Department has issued any regulations for internet gambling.

Your bolded "other electronic gaming devices" refers to machines like video poker etc. in brick-and-mortar casinos.

[oldbookguy]

The article title is not mine.

my title has the IS???? that is why.

A question.

Agreed, the title on Gambling911.com is misleading that is why I added the IS??? to it.

obg

[Legislurker]

I think he got something from a dubious source, and ran with it. But the title is WAY out of line. If he has more info, please do not [censored] with us like this, share it.

[drj003]

On this website it is very easy to contact your representatives. I did in about 3 minutes. Everyone on this site should go to this website and contact their reps. I think it would make a difference.

[TheEngineer]

[ QUOTE ]
On this website it is very easy to contact your representatives. I did in about 3 minutes. Everyone on this site should go to this website and contact their reps. I think it would make a difference.

[/ QUOTE ]

Good point. Actually, everyone should contact their senators and representative, regardless. IMO, any American citizen here who hasn't really has no right to complain about laws they don't like.

[WhiteWolf]

[ QUOTE ]
The article title is not mine.

my title has the IS???? that is why.

A question.

Agreed, the title on Gambling911.com is misleading that is why I added the IS??? to it.

obg

[/ QUOTE ]
I was referring to (+criticizing) the article title, not your post title. Sorry if that wasn't clear.

[oldbookguy]

LOl, no problem.
now though, lets look at this from a government perspective, they are odd as we know.

We also know 'other electronic gaming devices' are electronic poker tables.

Now, what are we playing on online - electronic poker tables.

Same technology, same format.

Nah.... too simple even for the government to understand.

obg

[Richas]

If you were a US company wanting to set up a legal online operation, say in the UK this Sept when it becomes legal, just in time for the WSOP bracelet event in London, it might just make sense to get a clarification on this ruling about reporting all over $10,000.

Without this change my understanding is that a US incorporated company might be concerned about whether they had to report regarding Internet operations.

I am probably adding 2+2 and getting 5 but it looks like the sort of clarification that might well come out of such discussions.

[MiltonFriedman]

That Treas. would exempt US land-based casinos from reporting large cash transactions is odd, except that, as Rep. Frank's spokesman points out, it relies on the safeguards already in place before funds GET to the casino ... This is the VERY argument Barney Frank is using against "moneylaundering" red herrings regarding online gaming by US bank account holders.

Good work, but not as in the direction you may imply.

BEST CASE SCENARIO: We might get a similar "hands-off" UIGE Act regulatory structure, which minimizes the role of US Banks .... most favorable read, NO blocking of paper checks or EFTs from a US Bank account covered by KYC rules.

Milton