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Well I can tell you right now that 95% of transactions in the banking system will NOT be able to be identified as gambling systematically.
I worked as an IT guy in the financial transaction exchange system for about 12 years, and transactions in the ACH and SWIFT systems have no fields at all for an ACTIVITY CODE.
(credit cards have a merchant code – which defines the principal business ot the transaction – which is how they were able to do it).
So even if the American banks (and government) want to add this field to international standards – they’ll hav to lobby for it – it will have to be approved – and there will be an extended period of grace for compliance.
Based on previous projects it would not surprise me if it took 3-5 years before a change to the standard was accepted and maybe even double that before everyone complies.
Basically, every institution would have to start working on systems to capture this information at the point of the transaction an move it through – it’s a significant job, and one that international banks would have no real priority to do.
And this is an international solution thats requried as due to oppressive laws I don’t beleive that any Casinos or Poker rooms dare set foot in the United States.
:rollover:
Summary :I’m sure that that can figure out HOW to do it in 270 days. Probably in 30 days.
But to get it implemented accurately around the world banking systems will take 5+ years at least … and I wouldn’t be surprised to see Caribean countries take as long as possible.
:rollover:Thanks very much for taking the time and effort to post your reply. Suddenly, I feel much more optimistic about continuing to work in this industry
5+ years is all the time I need … hahahaGuys,
Being a former IT guy myself, I would concur with Gooner. Changes of this magnitude, which are as far-reaching as they are, would require extreme cooperation between all the banks (including international ones). I agree that it can be done, but that it will take years to implement, and by then, who knows where we’ll be at.
That part of the law (which is the crux of HR 4954 as it pertains to our industry) isn’t my worry. The worrisome part is the pieces of the law that clearly can be used to prosecute affiliates. To me, this gives the DOJ “something to do” while they wait for this banking fiasco to get implemented. Although this law has had a major effect on partners bailing, and that is a really the killer impact of this law, it’s the part of the law about US domiciled sites/links, that clearly is the biggest worry item for me.
If you are not an American and not hosted in the U.S., then I think this law really doesn’t effect you directly (other than loss of customers). If you are an American citizen, then I think we have a big worry, and if you are hosted in the U.S., then you may have to break out your “striped” wardrobe soon, if you continue to keep your links up. This is why I have chosen to take my site down.
dhayman wrote:Guys,
extreme cooperation between all the banks (including international ones).
Who is going to pay for this, may be Las Vegas?:hithead::hithead::hithead:I am in a dilemma as I am sure a lot of you are. As Dhayman said “If you are an American citizen, then I think we have a big worry, and if you are hosted in the U.S., then you may have to break out your “striped” wardrobe soon, if you continue to keep your links up.” I can see the problem with being an American citizen and hosting in the US. But I can’t see being an American citizen and hosting offshore.
Example: If I am an American citizen and own a cat house in Amsterdam, can I be prosecuted in the US for running a prostitution ring in Amsterdam, where prostitution is legal? I would think that running a gambling site in a foreign county and having the domain registered in the foreign country with a foreign address, it would be legal and you couldn’t get prosecuted in the US.Please give me your thoughts.
I’m not a lawyer, so my advice is based on my own personal understanding.
I think that if you are a U.S affiliate and you are hosting your site overseas, then the D.O.J can still argue that eventhough you are hosting your site overseas, the online casino you are promoting is accepting U.S players which means that it is breaking the U.S law. Since you are promoting this online casino, then not only are you helping it break the U.S law, but you are also getting paid by this online casino for doing so.
If you are a U.S based afiliate, then the least you can do is to host your site overseas, hide your whois info and put a clear disclaimer on the homepage that U.S players are not allowed to bla bla bla
I think a better option would be to set up a foreign based company and transfer ownership of the domains to that company.
I think that what dhayman said is very true, “If you are an American citizen, then I think we have a big worry, and if you are hosted in the U.S., then you may have to break out your “striped” wardrobe soon, if you continue to keep your links up. This is why I have chosen to take my site down.”
I think that the D.O.J will come after some big well known affiliate in order to send a clear message to all the other affiliates and scare the majority of affiliates away.
I believe it’s actually upto 270 for the banks to get the blocks in place.
For all we know they may have already been working on this in anticipitation of the legistration.Perhaps it will take them longer than 270 days because of unforseen obstacles. I would imagine in time things will be revealed.
Offshore Black Market targeting US residents will be unstoppable in the coming seasons.
That is maybe the worst enemy for a legitimate US affiliate.
Say you have your hosting offshore. If the domain is in your own name you must be very carefull in promote casinos only for non-US residents.
Sounds to me like a good business to get into is offering offshore banking services.
antoine wrote:Sounds to me like a good business to get into is offering offshore banking services.or money laundering :hehe:
Although I´m sure it´s hard to differentiate between the two.
I guess it would take more than 270 days for the banks to implement it & by that time Casinos would find another loophole in it :blahblah:
I think it all boils down to doing what it takes to minimize your risk, such as having hosting set up offshore, etc. Afterwards to cease operations once a cease and desist letter is received.
The other option is to move offshore. This second option also has the benefit of lower or no taxes. I’m going to barbados for 2 weeks on the 21st of October to see if I could live there. I also want to check out Vanuatu which is a tax haven that is 3 hours away from new zealand and 3 hours away from australia. The advantage of this is you could live in the island paradise for part of the year and reside as a tourist for part of the year in australia (as long as you leave and come back every 3 months)
Antoine, I think it’s time to pull out Jeffrey Robinson’s book “The Sink” and look for countries based on their banking systems. I picked up that book a few months ago and it was a good read. I can remember you mentioning it atfer we discussed his other books a while back.
For people who haven’t read it, keep an eye out for it. There are definitely some very uncooperative banks/countires out there.
antoine wrote:VanuatuExcellent option? May not have to live there, only setup business and then reside in NZ or Australia.
Have heard that Vanuatu is very slow… I guess as long as you can get an ISDN / Cable connection out.
I cant believe that you remember that conversation. That was an excellent book, I’ve tried ordering some of his others off of Amazon but they are never in stock. (except for the Merger: The International Conglomerate of Organized Crime which was also good)
The only problem is that the book is probably a little dated now. From what I have read Panama and Belize are good options if you want to simply set up an offshore bank.
I do think Vanuatu is fairly slow, but I would view it more as an escape from the civilized world when I did go there. They do have internet coverage. Integrity casinos before they were bought out used to have servers and some techies there. (the other half were in brisbane)
It’s one of several options. I think we all need to figure out what we want. The new law to me is not as much of a concern as getting away from north america. I am sick of Canada and the high taxes and have been wanting to move for years. The US is not an option because of the politics.
I’ve received several emails since the new law was announced by casinos I would not normally promote. They allow all states to gamble. I think that after 270 days what will happen is that transactions from ligitimate casinos will be blocked but the ones who are willing to push the envelope will survive and thrive.
