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The longer the US government looks into the world of online gambling, the quicker it may change the current laws. Goldwater Bank agreed to forfeit $733,804 to settle a claim by the Justice Department that the money was involved in illegal online gambling.
The Justice Department has been busy this year sending messages to the online gambling industry. The Unlawful Internet Gambling Enforcement Act went into effect in June, and the government has already had several cases involving Internet gambling funds.
Goldwater claims they had no knowledge that the money in question came from illegal transactions. The UIGEA placed the burden on financial institutions to stop online gambling transactions, and the Goldwater settlement shows that the government plans to go after banks that do not abide by the law.
Read entire article here.
The Justice Department has been busy this year sending messages to the online gambling industry. The Unlawful Internet Gambling Enforcement Act went into effect in June, and the government has already had several cases involving Internet gambling funds.
Goldwater claims they had no knowledge that the money in question came from illegal transactions. The UIGEA placed the burden on financial institutions to stop online gambling transactions, and the Goldwater settlement shows that the government plans to go after banks that do not abide by the law.
Read entire article here.