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 Originally Posted by Trons
So my question is...from how I see it, IF money laundering is the practice of disguising the origins of illegally obtained money, and UIGEA says that it prohibits gambling businesses from accepting payments, but it's common knowledge that poker is not gambling, how does this tie together?
The main problem with this is that the payment processors were lying to the US banks about the money. Instead of saying "this is money to/from a poker player to/from a poker site", they say "this is money to/from an International Fund" (or whatever they mask it with). A lot of this is simply because the banks were lied to (I think a word used frequently is 'tricked') by payment processors into handling poker ("gambling") money, and the funds go in and out of the banks, which is laundering.
Which the UIGEA is against obviously.
Edit: the usual /imo at the end.
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