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Korean Authorities Move on Gambling Rings

Online gambling fans who read the Korea Herald last week were probably not too happy. The magazine reports of the Korean Ministry of Information and Communication and its new plan to increase the pressure over internet casino business. The new plan includes related government agencies such as the Ministry of Culture and Tourism, the National Police Agency and the Information and Communication Ethics Committee. All branches will be working together in order to stop illegal internet gambling in Korea. It seems that the Far East isn’t that thrilled about the world of online casino gambling, at least as far as governments are concerned.

The Information Ministry stated that approval regulations for gaming sites will be strengthened. Recently, the Ministry of Culture and Tourism has revised the Game Industry Promotion Act and it now bans currency-trading websites. Online gambling as a global industry could fall under this category and internet casinos might finds them without an approval to operate. The legal department is not the only one working against online gambling in Korea, and the National Police Agency is constantly asking the Ethics Committee to block websites that offer internet wagering. 291 websites were blocked during the last month of May alone.

Korean authorities report that gambling websites use elaborate methods to camouflage their actions and protect the identity of their players. As the industry’s presence becomes more apparent in foreign markets, we see governments respond. Last year, when the United States was the main source of income for the online gambling industry, the Far East wasn’t that occupied with fighting gambling. Big names in the business who try to get the attention of the Asian market are also getting the attention of the Asian authorities – and the latter do not always respond favorably.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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