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i read quite a good article about the WTO
What if Antigua set up a payment processor to handle the payments from say “Bank of Antigua” or somthing like that, that would serve the US players and was good like neteller………. would somthing like this be easy for US banks to bloack transactions to a cetain bank or processor based in Antigua.
And if it was Bank of Antigua, would the US Banks be allowed with current law to block all payment to a countrys national bank ?
im no expert, just thinking ahead of what could work and could be likly, after all Antigua are fighting hard and now that it seems almost noone can deposit, it wouldnt seem unlikly that they would think about setting up a payment processor too(as well has having 38 gaming companys based there) ?
Any thoughts about this or about the future of US Gambling ?
http://www.cardplayer.com/poker_law/article/1772
Antigua Is Right!
And the U.S. Is Wrong
As I have previously told my readers, I recently had an eye-opening experience while visiting Antigua and Barbuda and meeting with members of the Antiguan government. I met with Leroy King, the CEO of the Financial Services Regulatory Commission (the Commission); Kaye McDonald, the Director of Gaming (a division of the Commission); and Cliff Williams, a regulatory department manager.They explained that Antigua brought the World Trade Organization (WTO) dispute on behalf of legally licensed gaming operators in Antigua who want to provide gambling services on a remote, cross-border basis to U.S. customers.
This is particularly important to Antigua, because the small developing nation has limited natural resources and relies heavily upon tourism. Of course, tourism is at the mercy of natural disasters, economic realities, and other factors. Therefore, since 1982, Antigua enacted legislation geared toward the provision of international financial services in order to enable economic diversification.
Antigua currently licenses and regulates only 38 gaming companies. Those companies must reside in Antigua, which means employment for Antiguan citizens. While Antigua’s economy is growing, the current position of the U.S. regarding remote gambling threatens the country’s economy.
The Antiguan government has concluded that many legislators and government officials incorrectly believe that all “remote” betting violates state and federal law. In fact, the U.S. sanctions a vast remote betting market.
First of all, what is “remote” betting? It is gambling such that the bettor and the operator are not in the same physical proximity. The bettor is in one physical location and communicates his wager via telephone or other electronic means to an operator at another location.
Antiguan officials seem to be much more educated about American gaming laws then we are. Since the ’70s, U.S. wagering companies have openly offered state-sanctioned intrastate remote betting in the U.S..
Currently, 18 states have enacted licensing schemes that sanction and regulate remote pari-mutuel account wagering. Operators accept cross-border wagers from residents of at least 39 states. The U.S. pari-mutuel betting industry now encompasses a network of more than 1,000 wagering sites nationwide, including racetracks and off-track wagering facilities.
Americans wager approximately $15 billion per year on horse and dog races. For the past few years, more than 85 percent of this total wagering “handle” was placed at off-track locations. The National Thoroughbred Racing Association estimates that remote betting makes up more than 20 percent of the pari-mutuel handle.
In summary, in different places in the U.S., we have remote betting for race- and sportsbook wagering and we have remote lottery play and other types of remote gambling.
Despite the existence of a multi-billion-dollar sanctioned remote gambling industry in the U.S., our government takes the untenable position that all remote gambling in the U.S. is illegal. If all remote gambling were illegal, it would also be illegal for Antigua to offer such gambling in the U.S. However, since we commonly know we can bet on a horse race or buy a lottery ticket remotely, the U.S. position could not possibly be correct.
Since the U.S. joined the WTO and agreed to be bound by international rules of fair play in commerce, something is going to have to give. The U.S. is a respected member of the WTO, and its current position is untenable. Some time this month, the WTO is expected to issue its ruling as to whether the U.S. is now in compliance. I predict the WTO will rule that the U.S. is not in compliance and then we will wait to see what position our government will take.
The bank of Britain would be better but yes this would be good in any means.
Can you say backfire to congress? Their plans of taking control of gambling are going to blow up as by the time they want to regulate it its all going to be moved underground.
allfreechips wrote:…Can you say backfire to congress? Their plans of taking control of gambling are going to blow up as by the time they want to regulate it its all going to be moved underground.What did they expect, prohibition has always lead to underground activity.
JOIN THE FIGHT to save online gambling
http://www.apcw.orgAmericans with offshore bank accounts/credit cards are 100% in a legal way to gamble.
Not necessary in a tax haven.
Could be in the EU banks etc.
We’ll see interesting things during 2007…..Ok, I’ll step forward and ask the dumb questions.
I always thought to open an off shore account you had to have serious dollars. Just what does it take to open one, how long does the process take, is one off shore bank better than another, what is a ‘yellow account’, is there a ‘off shore banking remedial 99’ course or ‘off shore banking for dummies’ book available? How do you make deposits, withdrawals, transfers etc.. doesn’t it all have to be done by bank wire? Anyone have any good info, links, recommendations, etc?
Swiss accounts can be opened for smaller values – but if you do not have a minimum deposit level of around 7,500 Swiss FRancs (CHF) then you’ll be charged monthly fees of about 2 CHF.
It is a realistic way to do business – and only the most draconian of governments would prevent their citizens from holding one.
Be warned though that Swiss banks will charge more than US banks for basic day to day dealings – and international posting of statements will mean a higher running cost.
Also if you run a credit card with you’ll be hit with “currency conversion fees” on everything that is not is your base currency – so the costs can add up – but it’s not excessive. Perhaps $80-$100 pa in charges.
TheGooner wrote:Swiss accounts can be opened for smaller values – but if you do not have a minimum deposit level of around 7,500 Swiss FRancs (CHF) then you’ll be charged monthly fees of about 2 CHF.It is a realistic way to do business – and only the most draconian of governments would prevent their citizens from holding one.
Be warned though that Swiss banks will charge more than US banks for basic day to day dealings – and international posting of statements will mean a higher running cost.
Also if you run a credit card with you’ll be hit with “currency conversion fees” on everything that is not is your base currency – so the costs can add up – but it’s not excessive. Perhaps $80-$100 pa in charges.
Swiss bank accounts are a myth unless you opened it several years ago. The new money laundering legislation made Swiss one of the toughest countries to bank in(once you are started you are good forever though). Also they now cater to wealthy individuals then masses.
im thinking a safe in my closet is best place to keep my money , now how do i get it there from the casinos lol.
Shouldnt the final decision happen this week?
http://www.wto.org/english/tratop_e/dispu_e/cases_e/ds291_e.htm
this looks pretty similar, just reversed roles
Siouxzee wrote:Ok, I’ll step forward and ask the dumb questions.
Just what does it take to open one, how long does the process take, is one off shore bank better than another, what is a ‘yellow account’, is there a ‘off shore banking remedial 99’ course or ‘off shore banking for dummies’ book available? How do you make deposits, withdrawals, transfers etc.. doesn’t it all have to be done by bank wire? Anyone have any good info, links, recommendations, etc?I’m glad you stepped forward before me. I had the same questions so I did some research over the weekend. Found some links but nothing more.
http://www.myoffshoreaccounts.com/english/
http://www.escapeartist.com/cybk/cybk.htm
http://www.escapeartist.com/offshore3/banks.htm
Here is an index for Escapeartist…
And if your looking for a mail drop
There are alot of fake offshore companies online too , you send the money and never hear from them again. I know of one that was running Iraqi money out of PA. And Ivory coast one that was so good they even had website set up . You really have to be careful about this stuff. I recommend using a lawyer to set this up for you if you have $xxx,xxx to transfer.
mihai wrote:Swiss bank accounts are a myth unless you opened it several years ago.
Last year … (2006)TheGooner wrote:Last year … (2006)personal account opened via internet last year?
