South African Parliament Regulates Online Gaming
07/06/08 21:04 Filed in: General News
The notoriously crime-plagued gambling industry in South Africa has finally been formally addressed by the country’s parliament in a move that seeks to regulate and profit from the popular practice.
South African officials have long recognized that internet gambling has been an area which attracts money launderers and has even led to terrorism funding. A National Gambling Amendment Bill is now attempting to ratify the situation by more carefully monitoring gaming websites and electronic funds transfers. The committee behind the revised legislature wants to improve the international reputation of South African gambling while stimulating the economy and weeding out the currently prevailing influence of dangerous criminal elements. Aside from this, the National Gambling Amendment Bill proposes programs to stop addictive gambling issues before they begin in order to promote the industry as a potentially benign (and positive) one for the future. The Bill would also require player registration with certified internet gambling providers along with the submission of an age verification affidavit.
The Amendment is still awaiting the final step of an approval signature from President Thabo Mbeki but once this is carried out South Africa expects to see the national economy’s online gaming revenue increase by more than double its current status. Once the Bill becomes part of official law the South African National Gambling Board will begin enforcement and regulation of the new rules.
South African officials have long recognized that internet gambling has been an area which attracts money launderers and has even led to terrorism funding. A National Gambling Amendment Bill is now attempting to ratify the situation by more carefully monitoring gaming websites and electronic funds transfers. The committee behind the revised legislature wants to improve the international reputation of South African gambling while stimulating the economy and weeding out the currently prevailing influence of dangerous criminal elements. Aside from this, the National Gambling Amendment Bill proposes programs to stop addictive gambling issues before they begin in order to promote the industry as a potentially benign (and positive) one for the future. The Bill would also require player registration with certified internet gambling providers along with the submission of an age verification affidavit.
The Amendment is still awaiting the final step of an approval signature from President Thabo Mbeki but once this is carried out South Africa expects to see the national economy’s online gaming revenue increase by more than double its current status. Once the Bill becomes part of official law the South African National Gambling Board will begin enforcement and regulation of the new rules.
