Norway Makes Online Casino Payment Processors Accessories
Norway's Payment Act was given the formality of royal assent, meaning the bill against handling payment transactions for online casinos not licensed in Norway becomes law. Despite protests that the act does not conform to European Union regulations, the Storting, Norway's parliament, had already approved the rule.According to the new law, aiding unlicensed online gambling operators by processing payments will now constitute being an accessory to a crime. The bill is scheduled, ironically enough, to go into effect the same day the UIGEA payment ban is implemented in the US.
Royal assent is the Norwegian version of approval by the monarchy. The assent has not been denied any proposed law since Norway separated its monarchy from Sweden's in 1905.
Unlike the uproar caused in the US by its impending prohibition, Internet casino operators acting in Norway did not consider the law to be much of a threat. Various institutions in the Norwegian financial services sector have indicated they will ignore the attempts to require them to police online gambling transactions.
According to an article in EGRmagazine, CEO Pontus Lindwall of the Swedish gaming company Betsson says his company does not expect operations in Norway to be affected by the new law.
European Union law says that member nations may not require domestic licensing if another member has already licensed the operator. The requirements of meeting the EU objective of forming a single market among European countries is frequently a subject of dispute regarding online casinos, as several countries have tried to craft laws giving domestic operators and monopolies protection from competition.
While Norway is not a member of the EU, it does belong to the European Economic Area, which allows countries to enjoy the benefits of the EU market. In return, EEA countries must abide by the internal market regulations of the EU.
