Although full details are still sketchy, it is apparent that the Norwegian parliament this week voted for a proposal to legislate for a ban on Internet gambling financial transactions similar to that imposed by the United States in its now infamous Unlawful Internet Gambling Enforcement Act 2006.
Ignoring concerns expressed by the FNH – Norway's Financial Services Association, and other financial institutions that the enforcement of such a ban presents substantial problems for the banking sector, MPs have voted for the proposal, although regulatory drafting will still be required, and observers believe enforcement is unlikely to become evident until mid to late 2009.
Meanwhile, the financial services industry is expected to continue to express its reservations, and urge that any regulations are specific and clear….unlike the American equivalent.