tag:blogger.com,1999:blog-5037190876571380696.post7897831419974698558..comments2023-11-25T03:11:51.759-06:00Comments on On Today's Page: Internet poker US cashout problem solved with overseas cash payouts?Denis Drewhttp://www.blogger.com/profile/11833367196756465896noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-5037190876571380696.post-45690895369512014302011-04-20T09:28:49.319-05:002011-04-20T09:28:49.319-05:00YOUR MONEY IS SAID TO BE SAFE ACCORDING TO THIS UK...YOUR MONEY IS SAID TO BE SAFE ACCORDING TO THIS UK LAWYER WHO REALLY SEEMS TO KNOW WHAT HE IS TALKING ABOUT: http://forumserver.twoplustwo.com/29/news-views-gossip/more-bad-news-coming-middle-week-1022712/<br /><br /><br />Originally Posted by excession <br /><br />OK so I'm a UK lawyer with some knowledge of IOM law (I got involved in some quite heavy timeshare litigation there in the 90's).<br /><br />PS spend a lot of money on city of London lawyers who advise them on gaming regulation compliance.<br /><br />They are licensed by the IOM Gaming Commission which is pretty legit and has some pretty strong customer protection regs.<br /><br />Most notable are the Online Gambling Participants' Money Regs 2010<br /><br />http://www.gov.im/lib/docs/gambling/...antsmoney1.pdf<br /><br />These provide that all customer money has to be kept in a segregated bank account and is deemed to be held in trust.<br /><br />The concept of trust monies is very important under UK Insolvency Law as monies held in trust fall outside the estate of a bankrupt individual or insolvent corporate entity and the liquidator can't get his hands on them.<br /><br />Also as they are not the site's monies judicial orders purporting to seize the site's monies won't affect them.<br /><br />I suppose the US government can effectively stop payments out to the US player base by banning the banks within their jurisdiction from handling such payments, but I am really struggling to see how they can realistically stop payments out to non-US players of what is legally their money in anything other than the very short term panic that might cause banks holding such funds to freeze funds whilst they go get an order from an IOM or UK court to clarify what they should do with them.<br /><br />If PS are governed by the Regs and if they have complied then they SHOULD be no issue in non-US players getting money back out of PS in fairly short order.<br /><br />FT is governed by Channel Island regs which will be similar.<br /><br />[negative comment about other two sites deleted]<br /><br />Your talking like America rules the world...Denis Drewhttps://www.blogger.com/profile/11833367196756465896noreply@blogger.comtag:blogger.com,1999:blog-5037190876571380696.post-1132662529009802812011-04-19T19:04:17.032-05:002011-04-19T19:04:17.032-05:00If you bring cash in person to the Isle of Man or ...If you bring cash in person to the Isle of Man or remove it in person you are not hiding the connection between a US BANK and Pokerstars -- there IS NO connection to hide. Once you have a cash payout in your hand you can bring it home or WU it home or whatever -- cash is fungible. When you get home you may hide it under your mattress legally may you not?<br /><br />The bank cannot get in trouble for taking your deposit -- and -- guess what -- persons cannot get in trouble for making a deposit from an illegal gambling payout (bookie?) or most people at 2plus2 would be in trouble. Anyone who gets paid by a bookie or gains by selling a stolen item is guilty of money laundering only if they use a fake shell entity to receive the "ill gotten gains."Denis Drewhttps://www.blogger.com/profile/11833367196756465896noreply@blogger.com