Okay...I'll try to be succinct, but I'm looking for somebody to check my logic on this and this was the first website I thought of.
Department of Justice in the USA seized several payment processors for 3 of the biggest online poker sites. Pokerstars, FullTilt and UltimateBet. They are using the Safe Port Act of 2006 as a basis and claiming that it was a money laundering scheme. Pertinent, in my opinion, information:
http://en.wikipedia.org/wiki/SAFE_Port_Act states specifically
http://en.wikipedia.org/wiki/Money_laundering defines money laundering as
http://www.mauinews.com/page/content.detail/id/548021/VIEWPOINT--Poker-is-not-really-gambling.html?nav=18 explains why Poker is not gambling, to whit
So my question is...from how I see it, IF money laundering is the practice of disguising the origins of illegally obtained money, and UIGEA says that it prohibits gambling businesses from accepting payments, but it's common knowledge that poker is not gambling, how does this tie together?
It's been upheld that poker isn't gambling: http://www.usatoday.com/news/nation/2009-02-19-poker_N.htm
I'd like opinions on this.
Department of Justice in the USA seized several payment processors for 3 of the biggest online poker sites. Pokerstars, FullTilt and UltimateBet. They are using the Safe Port Act of 2006 as a basis and claiming that it was a money laundering scheme. Pertinent, in my opinion, information:
http://en.wikipedia.org/wiki/SAFE_Port_Act states specifically
Title VIII of the Act is also known as the Unlawful Internet Gambling Enforcement Act of 2006 (or UIGEA). This title (found at 31 U.S.C. ,§,§ 5361-5367) "prohibits gambling businesses from knowingly accepting payments in connection with the participation of...
http://en.wikipedia.org/wiki/Money_laundering defines money laundering as
Money laundering is the practice of disguising the origins of illegally-obtained money. Ultimately, it is the process by which the proceeds of crime are made to appear legitimate. The money involved can be generated by any number of criminal acts, including drug dealing, corruption, accounting and other types of fraud, and tax evasion
http://www.mauinews.com/page/content.detail/id/548021/VIEWPOINT--Poker-is-not-really-gambling.html?nav=18 explains why Poker is not gambling, to whit
Poker is not gambling. Anyone trying to classify it as such does not understand the game. Poker is a skills game much like bridge, chess, backgammon, golf and bowling. Yet, if anyone were to organize a bridge tournament with prize money, no one would think twice about allowing it. The perception of poker comes from what people see in movies and on television in old Westerns. Nothing could be further from the truth in today's modern game. Today's game is one of mathematics where players can win a hand not just by the luck of their cards, but by out-playing their opponents and forcing someone with a better hand to fold.
So my question is...from how I see it, IF money laundering is the practice of disguising the origins of illegally obtained money, and UIGEA says that it prohibits gambling businesses from accepting payments, but it's common knowledge that poker is not gambling, how does this tie together?
It's been upheld that poker isn't gambling: http://www.usatoday.com/news/nation/2009-02-19-poker_N.htm
COLUMBIA, S.C. (AP) , South Carolina poker players may not be sure when to fold 'em even after a judge ruled Thursday that Texas Hold 'em is a game of skill.
I'd like opinions on this.