US Vs Online Poker Rooms: All International financial transactions will be registered
Posted on October 15, 2010 by John Trevors for Luckyroom.com
US Authorities are once again attempting to discourage players from participating in online poker games by circulating bad news for U.S. online poker rooms who supposingly expect the “worst” as President Obama suggested the introduction of a policy for registration of all international financial transactions beyond today’s limit which only records transactions over $10.000. If the new proposal is implemented, it means it is practically impossible for US players to transfer money to and from online poker rooms, since banks will have to submit weekly reports on all international financial transactions to the authorities of USA.
A government official of the Department of Justice explains: “A central database will offer significant help to the judicial authorities in their efforts to detect and combat international organized criminal groups such as drug cartels, terrorist financing and fraud”.
Despite what the U.S. Treasury Department and the Department of justice declare the community of online poker in the U.S. seems to have a different view on the matter. Many people believe that because online poker is legal in several countries outside the U.S., President Obama has decided to target the processors of financial transactions.
So after all the announcements, the concerns of poker players are too strong and recorded in all online forums and in particular Two Plus Two. Where, amongst others, one member wrote: “The detection of transactions of Americans to online poker sites will be very simple and easy. To date these transactions were practically “invisible” and never referred to any authority. Now, however, if someone transfers money to a company that has been linked to money laundering you are at risk of being involved in any future legal proceedings of that company if your name is associated with it. Now any financial relationship or transaction that has someone with such potential “accused” company will be known to the government”.
It also appears that the US authorities plan to release a fund worth of $30 million, to create a committee to manage the weekly reports of banks. If all these rumors and informal announcements apply, online poker rooms in the U.S. will receive the heaviest blow they have received after the UIGEA.
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