WASHINGTON, D.C. -- The U.S. Congress early Saturday approved legislation that would significantly curb Internet gambling activity.
“It’s been over ten years in the making. The enforcement provisions in this bill will go a long way to stop these illegal online operations,” said Kyl. “This ban will help authorities enforce existing federal and state laws.”
“A professor once appropriately likened Internet gambling to cocaine use. Internet gambling’s characteristics are unique, because: online players can gamble 24 hours a day from the comfort of their home; children may play without sufficient age verification; and betting with a credit card can undercut a player’s perception of the value of cash, leading to possible addiction and, in turn, to bankruptcy, crime, and suicide.”
The legislation will curb Internet gambling by cutting off the flow of money from financial clearing houses to unlawful gambling websites. The provision would require the U.S. Treasury Department to issue regulations that would prohibit approving a transaction between a U.S.-based customer account and an Internet gambling merchant. Financial institutions would be required to follow those regulations, and would be subject to fines or penalties if they fail to comply. The legislation was included as a provision in H.R. 4954, the S.A.F.E. Port Act.
“I’d also like to recognize the hard work of my colleagues, especially Majority Bill Frist, Speaker Dennis Hastert, and Congressman Jim Leach, in helping to usher this important bill through the Congress.”
