Internet Gaming Funds Transfer Regulations And Other Developments

On November 12, 2008, the U.S. Department of the Treasury and the Federal Reserve Board issued a final regulation to implement the Unlawful Internet Gambling Enforcement Act of 2006, 31 U.S.C. §§ 5361 et seq. That statute does not make Internet gaming illegal, as that was already the position of the United States Department of Justice (DOJ) for many years. Rather, the statute seeks to choke off the transmission of funds between Americans and Internet gaming sites, regardless of where the gaming sites are located. The statute prohibits acceptance of credit cards, funds, bank instruments, or proceeds of any other form of financial transaction in connection with unlawful Internet gaming.