UIGEA Deadline Looms
 April 24, 2007, 4:22 am (1 year ago)This week, Card Player Magazine took the time to issue a timely reminder that the actual regulations backing the United States UIGEA fall due in two months time.
In the last four months of the year two thousand and six, the UIGEA was actually rammed through Congress in some late night pre-recess maneuvering which actually saw Senator Bill Frist to actually attach the bill to the Safe Ports Act which was a must pass act. Then President Bush subsequently signed the bill into law and while he was precipitating large scale international disruption and also corporate losses.
Under this particular act, the United States Treasury as well as the United States Attorney General’s offices are now tasked with framing within two hundred and seventy days, a set of actual regulations for the United States banks will apply in order to further the objective of the act to actually prevent or disrupt online financial transactions to online gambling companies in particular.
Barry Shulman, who is of the Card Player Magazine, succinctly described that some of the problems that the United States financial system might encounter in trying to do this: “Basically, the Department of Justice was give two hundred and seventy days to come up with a set of rules for the banks to use as guidelines. That two hundred and seventy day period is set to end on July the ninth.
Whether they will be able to meet the deadline, no one knows but is curious to see.
Automatic Translation
|
Comments (0)
