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Giving Teeth to the UIGEA

The United States is in a never ending debate about the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA) – now the concerns are surfacing about the proposed regulations for the UIGEA that will serve as guidelines to the financial institutions. Just months ago the government finally released a set of proposed guidelines that would give “teeth” to the UIGEA, which at this time bans financial transactions between online casinos and the internet gamblers, and forces the weight of the ban right on the shoulders of the U.S. banking and financial system. The online casinos ban is a weighty topic all over the world, and has actually caused some division within the Republican Party which as a whole supports the UIGEA.

Te UIGEA was passed in October of 2006, and while the online casinos gambling ban was effective immediately, it took the Bush Administration nearly a year to release the proposed restrictions and regulations that will flesh out the details of implementing the controversial ban. The government released the Proposed Rulemaking as a guideline for the financial and banking industry, and before sending the rules for final approval, politicians and lobbying groups have taken the time to review the newly proposed restrictions and criticize their ability to limit online casinos transactions.

Two Republican Senators actually recently submitted an opinion to the U.S. Treasure Department that basically alleges that the proposed online casinos gambling transaction restrictions are not detailed enough and they contend the restrictions will only cause mass confusion as written.

John Sununu and Pete Domenici wrote in their assessment of the proposed restrictions, "The extensive public comments received on this issue highlight the likelihood that risk-averse financial institutions will simply choose to block every transaction that may be interpreted or could resemble gambling, whether legal or not. Knowing that this is not your intention, we write to urge that any final rules contain a list of restricted transactions and instances that are covered by the law and the corresponding rules.”

The two Senators consistently assert that the online casinos gambling transaction restrictions “[leave] sufficient ambiguity as to what sort of transactions are to be blocked,” and that ambiguity will lead to inconsistencies in implementation across all of the financial industries.