The growth of Internet betting and gambling sites and the credit card Essay

The growth of Internet betting and gambling sites and the credit card companies response - Essay Example Further, law enforcement agencies state that Internet gambling is sometimes used for money laundering (Hugel & Kelly 2002: 57). However, others consider this risk as trivial concern. The jurisdictional and anonymity concerns characteristic of Internet gambling make online gambling a potentially strong means for money launderers. The small number of prosecuted instances of money laundering linked to Internet gambling is credited to oversight and a lack of solid parameters (Hugel & Kelly 2002: 58). Still, officials form the gaming and credit card industries and regulatory agencies do not consider that Internet gambling was any more vulnerable to money laundering than other forms of electronic trade (Hugel & Kelly 2002: 58). The main objective of this review is to acquire a better understanding on the different policies and procedures of the credit card industry on Internet gambling. The review is also aimed at obtaining a broader knowledge on the strengths and weaknesses of these policies, and perhaps to formulate any potential recommendations that are possible under the Constitution. To achieve this, a review on use of the U.S. payments method --- particularly credit cards, and on the ongoing debate on Internet gambling should be made. The key points are: 1) to study the legal structure for Internet gambling activities, mainly in the U.S., but also in other countries; 2) to explain the range and characteristic of the regulations and measures the credit card industry has put into practice to prohibit the use of credit cards as a mode of payment for Internet gambling; and 3) to acquire opinions on Internet gambling’s susceptibility to money laundering. Documentation on Internet gambling policies and procedures may be requested from industry representatives; however, some might be disinclined to supply written documentation due to concerns about the confidentiality of propriety regulations. This is why conducting interviews is