The Safe and Secure Internet Gambling Initiative (SSIGI) has released a substantial press release dealing with the recent proposal by Congressman Barney Frank to introduce regulatory measures as redress for the unpopular UIGEA law passed in the US last year.
The Unlawful Internet Gaming Enforcement Act (UIGEA) has come in for harsh criticism from many quarters due to its draconian and unfair restrictions of foreign online gaming operators, including online bingo hall operators. US customers who play online bingo were amongst many who have been severely limited in choice by the implementation of UIGEA.
The SSIGI backs evidence given by experts to House Committee on Financial Services that a new regulatory approach to Internet gambling would help protect consumers and ensure the integrity of Internet gambling financial transactions.
Central to much of the testimony given was that internet payment processing, identity identification and online safety systems and technology currently in use have proven successful in combating underage and compulsive gambling. There has also been substantial testimony given on the increase in technologies regards protection against money laundering, fraud and identity theft, according to the SSIGI’s press release.
"It was made clear at today's hearing that online gambling can be effectively regulated," said Jeffrey Sandman, spokesman for SSIGI. "Instead of prohibiting Internet gambling, which is futile, the government should regulate and tax Internet gambling to ensure proven and effective security controls are implemented to protect consumers and capture billions in revenue that is needed for critical government programs."
Congressman Barney Frank recently introduced a bill to establish a licensing and enforcement framework for regulated Internet gambling, including free online bingo opertions. At the same time, Congressman Jim McDermott has introduced legislation that would tax online gambling companies and possibly lead to revenues of between US$6 billion and US$25 billion over the first five years of enactment.
The Unlawful Internet Gaming Enforcement Act (UIGEA) has come in for harsh criticism from many quarters due to its draconian and unfair restrictions of foreign online gaming operators, including online bingo hall operators. US customers who play online bingo were amongst many who have been severely limited in choice by the implementation of UIGEA.
The SSIGI backs evidence given by experts to House Committee on Financial Services that a new regulatory approach to Internet gambling would help protect consumers and ensure the integrity of Internet gambling financial transactions.
Central to much of the testimony given was that internet payment processing, identity identification and online safety systems and technology currently in use have proven successful in combating underage and compulsive gambling. There has also been substantial testimony given on the increase in technologies regards protection against money laundering, fraud and identity theft, according to the SSIGI’s press release.
"It was made clear at today's hearing that online gambling can be effectively regulated," said Jeffrey Sandman, spokesman for SSIGI. "Instead of prohibiting Internet gambling, which is futile, the government should regulate and tax Internet gambling to ensure proven and effective security controls are implemented to protect consumers and capture billions in revenue that is needed for critical government programs."
Congressman Barney Frank recently introduced a bill to establish a licensing and enforcement framework for regulated Internet gambling, including free online bingo opertions. At the same time, Congressman Jim McDermott has introduced legislation that would tax online gambling companies and possibly lead to revenues of between US$6 billion and US$25 billion over the first five years of enactment.
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