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| | |  April 27 - US Congressman Republican Barney Frank has introduced legislation
designed to legalize and license online gambling in the United States,
effectively reversing the law approved by Congress last year banning online
gambling in the country.
The bill, called the Internet Gambling Regulation and Enforcement Act of 2007 (IGREA),
would establish a law enforcement and federal regulatory platform allowing the
licensing of online gambling operations that can service US-based online
gamblers.
Frank said in a statement that the existing legislation is an 'inappropriate
interference on the personal freedom of Americans and this interference should
be undone', noting also that traditional forms of gambling currently exist in
most US states.
According to the bill, the issuing of online gambling licenses would
require protections against fraud, money laundering, compulsive gambling and
underage gambling.
In addition, native American tribes as well as individual
states would still be allowed to prohibit online gambling within their respective
borders should they choose.
According to the terms of the bill, all applicants for online gambling licenses
would have to provide comprehensive corporate structure documents as well as
financial statements to the Treasury Department and agree to adhere to all US online
gambling-related laws.
The bill would also prohibit anyone convicted of any criminal violation
relating to gambling, money laundering, fraud or other financial statutes, from
acquiring an online gambling license.
Frank promised that the bill will undergo a hearing by this summer.
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