• New Treasury Rule Proposal and Online Gambling Funds

    04 October 2010

    Newspaper

    There has been a new ruled proposed that has gotten online gamblers in the U.S. in a foul mood. A rule proposed by the Treasury Department would require a weekly report of all electronic money transfers into and out of the U.S. by all financial institutions. Along with the reports the social security numbers of all those making thing transaction will be included. Currently no reports are made if transactions are less than $10,000.

    Could the U.S. government use this information to halt all U.S. online gambling in the U.S.? If you frequent the many gambling forums that are currently buzzing about the topic you would have to say yes. The Treasury Department says that this proposal is only aimed at catching money launderers with links to funding terrorism. U.S. gamblers heavily rely on third party payment processors are concerned though.

    A business professor at the State University of New York College in Buffalo, Joseph Kelly seems to thank all these fears are going a little overboard and the overall effect this proposal will have on internet gambling will be minimal.

    He reasoning seems reasonable enough; he claims that all the big reputable financial entities have already withdrawn from the online gambling market. These big institutions have been replaced by many smaller companies that in the long run are not good for money laundering.

    These smaller payment processors are just right for keeping the online gambling industry funded and are mostly not large enough to get on the Treasury Departments radar. According to Kelly, the online gambling companies have done well with hiding their involvement with international wires and could continue to perform through the use of shell companies.

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