U.S. Regulators Issue Internet Gambling Rule

The U.S. Department of the Treasury and the Federal Reserve have issued the final rule to implement the controversial Unlawful Internet Gambling Enforcement Act (UIGEA).

The Act prohibits gambling businesses from accepting payments from unlawful Internet gambling sites, including payments made with credit cards, electronic funds transfers, and checks.

"The final rule requires U.S. financial firms that participate in designated payment systems to establish and implement policies and procedures that are reasonably designed to prevent payments to gambling businesses in connection with unlawful Internet gambling" the

Businesses have until December 1, 2009 to comply with the new rule, the Treasury said.

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"However, the PPA remains optimistic that the new Administration and the new Congress will recognize the failings of UIGEA and will act swiftly in the New Year to overturn this flawed policy."