Internet Gambling Payments Prohibition Act

Summary

Internet Gambling Payments Prohibition Act - Prohibits any person engaged in a gambling business from knowingly accepting in connection with the participation of another person in Internet gambling: (1) credit; (2) electronic fund transfers or funds transmitted by or through a money transmitting business; (3) any instrument drawn by or on behalf of another and payable through any financial institution; or (4) the proceeds of any other form of financial transaction involving a financial institution as payer or financial intermediary for another. Grants Federal district courts original and exclusive jurisdiction to prevent or restrain violations of this Act. Provides for civil and criminal penalties, including a permanent injunction against wagering. Exempts certain financial intermediaries from liability for unknowing involvement or unknowing use of their facilities in: (1) any credit transaction, electronic fund transfer, or money transmitting service; or (2) drawing, paying, transferring, or collecting a check or draft instrument. Declares that the Federal Government, in deliberations with a foreign government on money laundering, corruption, and crime issues, should: (1) encourage cooperation by foreign governments and relevant international fora in identifying whether Internet gambling operations are being used for money laundering or other crimes; (2) advance policies that promote international cooperation in the enforcement of this Act; and (3) encourage the Financial Action Task Force on Money Laundering to study the extent to which Internet gambling operations are being used for money laundering. Amends the Federal Deposit Insurance Act to provide that if an appropriate Federal banking agency determines that an insured depository institution is engaged in activities proscribed under this Act, such agency may issue an order prohibiting certain related financial activities.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 July 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 20 July 2001

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• Introduced in House

  summary · EN · 20 July 2001

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