Ask Reggi Your Question Now
Can you summarize 31 USC Chapter 53, Subchapter IV?
MONETARY TRANSACTIONS > PROHIBITION ON FUNDING OF UNLAWFUL INTERNET GAMBLING
Short Summary
This legal document, found in the United States Code under the section on Prohibition on Funding of Unlawful Internet Gambling, establishes the framework for understanding and regulating unlawful internet gambling. It prohibits the funding of unlawful internet gambling and provides definitions for terms related to unlawful internet gambling. The document applies to individuals and entities involved in internet gambling and exempts certain activities allowed under the Interstate Horseracing Act of 1978. The document empowers the district courts of the United States to issue orders to prevent and restrain restricted transactions related to unlawful internet gambling. The United States Attorney General and State attorney generals may institute proceedings to prevent or restrain restricted transactions. Financial transaction providers acting as financial transaction providers are exempt from such proceedings. The document also includes limitations on relief granted against interactive computer services and coordination with other laws. Specific penalties for non-compliance or violation are mentioned in section 5366, which include fines and imprisonment. Section 5367 establishes liability for financial transaction providers, interactive computer services, and telecommunications services if they have actual knowledge and control of unlawful bets and wagers. The document also prohibits persons engaged in the business of betting or wagering from accepting certain financial instruments in connection with unlawful internet gambling. The Secretary and the Board of Governors of the Federal Reserve System are empowered to prescribe regulations regarding other forms of financial transactions. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Individuals and entities involved in internet gambling
What does it govern?
Prohibition on funding of unlawful internet gambling
What are exemptions?
Certain activities allowed under the Interstate Horseracing Act of 1978
What are the Penalties?
The penalties for violating section 5363 include fines under title 18 and imprisonment for up to 5 years. The penalties for circumventing the prohibition include liability under this subchapter.
Jurisdiction
U.S. Federal Government