The initiative follows the Norwegian parliaments move in December 2008 to pass a proposal to ban financial transactions between Norwegian residents and unlicensed online poker and internet gambling websites. The government invoked the intention to offer consumer protection and safeguard Norwegian gamblers who are predisposed to problematic behaviors as a sign for gambling addiction as a justification for this decision.
According to the same source, the draft rules are to apply to Norwegian banks and financial services which should block all credit card transactions identifiable by the ‘7995’ merchant code that designates a gaming-related transaction. Furthermore, they would be required to send details of the relevant bank accounts used by gaming firms to the Norwegian Gaming Authority which would thus be empowered to block payments to and from those local bank accounts.
Such restrictions are to block financial transactions worth between EUR 1 billion and EUR 2 billion per year and such a ban would be applicable only to financial services providers and businesses which are regulated by the Financial Supervisory Authority of Norway.
The Norwegian government has notified the regulations to the European Commission as well and expects the EU executive’s response regarding their compatibility with the European law. The rules will be submitted to scrutiny until 6 July 2009.
EEA is an economic association of European states which enacts legislation similar to that passed in the EU in the areas of social policy, consumer protection, environment, company law and statistics. Gambling Compliance Ltd. is a provider of legal, regulatory, political and business information for the global gambling industry.
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