FinCEN Releases E-gaming, E-commerce Findings

28 September 2000
To better understand the relationship between interactive gambling and the various payment systems available, the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of Treasury, has just issued a report, "A Survey of Electronic Cash, Electronic Banking and Internet Gaming."

The basis of the report, it seems, is to educate those involved in the war against money laundering. In the report's preface, Director James F. Sloan explains that the "initiative was undertaken within the context of FinCEN's mission to support and strengthen domestic and international anti-money laundering efforts."

FinCEN hopes its findings will help it develop more effective money laundering controls. Its goals included a desire to understand how various payment systems work and the role they play within financial systems.

The 110-page report identifies the types of payment that are available and even includes contact information for many companies and financial institutions that offer e-cash and/or e-banking products. Another section analyzes Internet gambling around the world, including a look at legislation in the United States and other nations that attempt to ban, control or license the industry. The report also includes a listing of a few hundred online casinos and sportsbooks as well as an abbreviated list of software suppliers.

Click here to read "A Survey of Electronic Cash, Electronic Banking and Internet Gaming." (Keep in mind as your read the report, however, that much of the information is outdated and some of it is inaccurate.)