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Home - Bingo News - Viability of the UIGEA
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Viability of the UIGEA
A hearing inspecting the viability of the UIGEA (Unlawful Internet Gambling Enforcement Act) was held on the 2nd of April 2008. The UIGEA has been causing chaos for the gambling section and banks since September 2006 when it was passed.
The hearing entitled “Proposed UIGEA Regulations: Burden Without Benefit?” was held by the the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, as well as the House Committee on Financial Service’s.
The law has been accused of being too ambiguous, which makes it very difficult to provide effective regulations for the UIGEA. One of the concerns mentioned are that the law is unclear as to what type of gambling is exactly illegal Online.
The Chairman of the Subcommittee on Domestic and International Monetary Policy emphasised that it is relatively easy to see exactly how the UIGEA regulations could cause chaos on electronic commerce in the United States if they are implemented in their current form. He added: “One of the most common complaints is that the proposed rules fail to sufficiently define key terms, leaving financial institutions with significant compliance difficulties"
Luis Gutierrez further explained: "For example, the regulation fails to adequately define what constitutes ‘unlawful Internet gambling’ or a ‘restricted transaction’, yet requires the financial institutions to make a determination on their own about what is lawful or unlawful”.
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