In a joint statement today, the Federal Reserve and the Treasury Department announced the extension of the delay in mandatory compliance with the UIGEA rules concerning payments to online casinos. Financial institutions were granted a six-month reprieve to position systems in place to dam the processing of transactions to Internet casinos.The date for implementation, which were set for December 1st, was moved back to June 1st. The federal government agencies were reacting to various pleas to stall the enforcement of UIGEA rules until legislative alternatives may well be examined.
"Commentators expressed concern that the Act and the general regulation don't provide a transparent definition of 'unlawful Internet gambling,' that's central to compliance," said the federal statement. Numerous complaints have arisen attacking the web gambling ban for vague language, leaving interpretation to frustrated financial operators.
A group of 19 US Representatives, led by UIGEA foe Barney Frank, had asked for a delay while measures authored by Frank which might make the UIGEA moot might be considered in Congress. Then, after discovering horse race betting on the web was being rejected by some card companies, the whole contingent of Kentucky Congressmen wrote a bipartisan letter to the Treasury, again soliciting for more time.
Despite demands by Senator Jon Kyl and Representative Spencer Bachus, two men instrumental in foisting the UIGEA onto a Homeland Security bill on the last second to bypass proper debate or consideration, that the midnight rules be enacted as scheduled, the financial overseers decided to provide lawmakers an opportunity to mend the numerous flaws within the unpopular online gambling ban.
Published on November 27, 2009 by JoshuaMcCarthy
Read More... [Source: UIGEA News]
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