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