Government delays new ban on Internet gambling
By MARTIN CRUTSINGER AP Economics Writer © 2009 The Associated Press
Nov. 27, 2009, 11:01AM
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<!-- end floating resource box --> WASHINGTON — The Treasury Department and the Federal Reserve are giving U.S. financial institutions an additional six months to comply with regulations designed to ban unlawful Internet gambling.
The two agencies said Friday that the new rules, which were to take effect on Dec. 1, would be delayed until June 1 of next year.
The rules seek to curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers. The financial industry complained that the new rules would be difficult to enforce because they did not offer a clear definition of what constitutes Internet gambling.
By MARTIN CRUTSINGER AP Economics Writer © 2009 The Associated Press
Nov. 27, 2009, 11:01AM
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<!-- end floating resource box --> WASHINGTON — The Treasury Department and the Federal Reserve are giving U.S. financial institutions an additional six months to comply with regulations designed to ban unlawful Internet gambling.
The two agencies said Friday that the new rules, which were to take effect on Dec. 1, would be delayed until June 1 of next year.
The rules seek to curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers. The financial industry complained that the new rules would be difficult to enforce because they did not offer a clear definition of what constitutes Internet gambling.
