no it is not against the law for the bank to knowingly deposit a check from an offshore sportsbook. as of now exsiting law requires the bank to report it, if they are directed to they may block it. (depends on what rules are put in place)
once that check is deposited, the person (sportsbook) that wrote the check is breaking the law.
once that check is deposited, the person (sportsbook) that wrote the check is breaking the law.
The law on the books says banks can not allow funding of gambling operations. There is no law against having the funds come back.
But as we all know, the FBI and DOJ really do not care what the law in this country or outside this country says.
It is only a matter of time before they take on a bank.
Sean
But as we all know, the FBI and DOJ really do not care what the law in this country or outside this country says.
It is only a matter of time before they take on a bank.
Sean
sean1 said:
US banks are protected under the UIGEA.
1. The 1961 Wire Act does not make it illegal to place a bet, but it is illegal to book one.
2. The UIGEA act makes it illegal to transfer funds for activities already defined by either Federal or State Law as illegal gambling. The US banks have no liability if they follow the regulations, yet to be drafted.
That way the US DOJ can indict foreigners passing though the US while its own citizens, includung millions of gamblers, are largely immune.
Its the American way.
Here's the link for the actual language of the UIGEA. It starts on page 213.
http://www.rules.house.gov/109_2nd/t...43_portscr.pdf
http://www.rules.house.gov/109_2nd/t...43_portscr.pdf
sean1 - last week when i started a thread suggesting that banks may be next in the target site of the DoJ... you cited it could never happen because the overall US economy would be at risk and ties within the federal govt. Just curious what has made you change your tune this week? I consider your posts insightful, so I'm curious what has changed from last week?
Page 230 seems to have some clarification here.... little too specific to include any check, draft, or financial instrument...oldmanTED said:
...but this is based on if they are able to determine whether a restricted transaction is indeed coming from Internet gambling. That's the most critical factor. How can they determine whether an international cashier's check is automatically considered something that came from Internet gambling if the issuing bank says to the USA, "no, this is not from Internet gambling; we are simply creating a cashier's check that is due to the U.S. resident in question."??
* CalvinTy
