Federal regulations proposed on Monday would mean that banks and credit card companies would have to forge rules to prevent transactions with Internet gambling sites.
The proposals come in the wake of the Unlawful Internet Gambling Enforcement Act which was passed by Congress last year. Now US authorities are seeking to crystallize the illegality of Internet gambling through clearly-defined laws. All banks will need "to have policies and procedures that are reasonably designed to prevent payments being made to gambling businesses in connection with unlawful internet gambling", the proposal stated.
In December, the World Trade Organization ruled that the US ban on internet gambling broke global commerce rules. Now Antigua & Barbuda are asking the US to pay $3.4 billion a year to make up for lost revenue. And many Internet gambling companies in Europe which have been hit by the ban are lobbying for the EU to request similar compensation.
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