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[1] Click on link to view The Wall Street Journal article mentioned above: http://online.wsj.com/article/SB10001424052970204468004577168972507188592.html?fb_ref=wsj_share_FB&fb_source=home_multiline

Negotiations in the case have reached a critical stage, with an indictment possible though the bank is seeking a deferred prosecution agreement, which would be less damaging. The outcome depends on how prosecutors, the U.S. State Department and the U.S. Treasury Department agree to treat the matter, the sources said.

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Ah, the holidays. If you’re a poker player, the Justice Department has given you a pretty nifty gift in the way of this little-noticed legal memorandum made public Friday.

In a nutshell, the department’s Office of Legal Counsel has determined that the Federal Wire Act, the 1961 law that had been interpreted to outlaw all forms of gambling across state lines, actually only applies to “a sporting event or contest.”

Well, what does this mean? It means that Internet poker isn’t barred by any federal statute.

The Unlawful Internet Gambling Act, a separate statue, allows federal authorities to prosecute people who knowingly accept most forms of payment in connection with unlawful Internet gambling. But the key word is “unlawful.”

Washington, D.C., and now Nevada allow Internet gambling within their borders, for example, and other states are considering legalizing it. But let’s not get ahead of ourselves. A poker player in D.C. couldn’t automatically place bets in Nevada unless the two states had some sort of agreement or reciprocity clause in their their laws.

But you can bet the Justice Department’s new position will hasten other legislatures considering Internet poker laws to act. And what about Congress, which is considering Internet gambling legislation? Could the Justice Department’s new position create an alliance between the anti-gambling set and the pro-poker set? Who knows!

Now, back to the OLC opinion, which was signed in September but only made public on Friday. Previously, the Wire Act was thought to capture any and all interstate gambling. The opinion by the OLC says that reading of the law stemmed from an error of syntax.

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According to Nashville NewsChannel5, the TSA personnel will be divided into “viper” teams. Personally, I think it’s a rather fitting name.

Also – and this is just conjecture – I think it’s easier to convince the prototypical goon to actively violate people’s Constitutional rights when the team they’re on sounds cool.

“Where is a terrorist more apt to be found? Not these days on an airplane – more likely on the interstate,” claimed Tennessee Department of Safety & Homeland Security Commissioner Bill Gibbons.

On Tuesday, Tennessee was more than happy to deploy VIPR at five weigh stations and two bus stations across the state. Hell, they’re even asking truck drivers to keep an eye out for terrorists or strange behavior by joining the First Observer Highway Security Program. Because why not, right?
The whole operation is geared toward getting drivers to call the authorities if they see something “suspicious.”

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Giving a glimmer of hope to the potential revival of significant online poker operations in the United States, a House of Representatives subcommittee is set to hold a hearing next week regarding the legalization and regulation of the online gambling industry, including poker, in the U. S.

The hearing will take place in front of the Subcommittee on Commerce, Manufacturing and Trade, a sub-panel of the House Energy and Commerce Committee, on Tuesday of next week. This particular subcommittee focuses on interstate and foreign commerce, consumer affairs and consumer protection, all areas that covers potential online poker legislation. A member of the committee is Texas representative Joe Barton, who has proposed HR 2366 – titled the “Internet Gambling Prohibition, Poker Consumer Protection, and Strengthening UIGEA Act of 2011” – and considers the hearing a significant step towards enacting such regulation.

“I am pleased that Chairman (Mary) Bono-Mack is holding a hearing on the important issue of Internet gaming,” said Representative Barton to The Hill following the announcement of the hearing. “It’s a first step to showing why the current law is a lose/lose for everyone – the public, the taxpayer, the banking industry, and the people who want to play poker openly and honestly on the Internet. I look forward to an open exchange of ideas.”

The hearing isn’t necessarily about Representative Barton’s bill but is examining the larger issue of internet gambling as a whole. The theme of the hearing has been titled “Internet Gaming: Is There A Safe Bet?” As Barton’s is the only legislation at this time to be introduced to the House, this does look to be a referendum in the House on the online poker question, however.

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TORONTO, Sept. 28, 2011 /CNW/ – Joe Comartin, M.P. Windsor Tecumseh, today introduced an Act to Amend the Criminal Code in the House of Commons to permit single-event sports wagering in Canada.

Sports wagering, estimated to be in excess of $10 billion annually, is arguably the single most popular form of gambling for Canadians. However, only $450 million of that is wagered through the current legally regulated provincial sports lottery products.

Canada has enjoyed legalized parlay-style sports wagering for many decades, but the current restriction which prohibits wagering on a single sporting event does not reflect the modern reality for sports bettors.  With the passage of this bill, Canadians will have a legal and regulated product for wagering on the individual sporting events of their choice.

“The reality is that Canadians are wagering on sports predominantly through illegal means, either with bookies or online,” said Bill Rutsey, CEO of the Canadian Gaming Association. “This bill will enable sports wagering to occur in safe, regulated environments.”

A review of the annual reports of the Criminal Intelligence Services Canada (CISC) indicates that illegal bookmaking exists in all regions of Canada, with organized crime ultimately profiting from the revenue. While the size of the Canadian market is unknown, estimates suggest it is in excess of $10 billion annually.

Read more….  CANADIAN GAMING ASSOCIATION | Canadian Gaming Association welcomes changes to allow enhanced sports wagering in Canada.

Sources told the Reuters news agency that the banks are Bank Hapoalim, Bank Leumi le-Israel BM and Mizrahi-Tefahot.
The shift to Israel from Switzerland signals a broadening of a landmark probe by the US Justice Department’s criminal tax division that began in 2007 with Switzerland’s biggest bank, UBS AG.

The scrutiny of the three Swiss branches of the Israeli banks is at an early stage and has not reached the level of that of Credit Suisse, which received a target letter from the Justice Department in July, as did European bank HSBC Holdings and the cantonal bank of Basel.

A spokesman for Bank Leumi in Tel Aviv wrote in an emailed statement on Thursday that “the request was for general statistical data. It appears that this data was to serve as a basis for a comprehensive arrangement between the Swiss and American Authorities”.

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U.S. tax-evasion probe turns to Israeli banks.

Although it’s vital that politicians have a healthy debate about how to best solve America’s money woes, the current debate may be giving the false impression that the U.S. is one of the most taxed nations on earth. That sure may seem like the case, but nothing could be further from the truth.

If you consider how much federal income tax Americans pay as a percentage of gross domestic product (GDP), their taxes are among the lowest in the developed world. GDP is the monetary value of all finished goods and services produced within a country over a specific time period, and it helps give a sense of the health of a country’s economy. (To learn the underlying theories behind these concepts and what they can mean for your portfolio, check out The Importance Of Inflation And GDP.)

Read more: Countries With The Highest Taxes.

Canada’s Prime Minister Stephen Harper announced on August 11 the inking of an air transportation agreement (ATA) and a tax information exchange agreement (TIEA) between the two countries, along with the opening of negotiations on the FTA. The announcements were made during a working visit with President Laura Chinchilla in San José, Costa Rica.

According to the Canadian government, these deals will have far-reaching benefits for both countries. The FTA negotiations will aim at modernizing the existing treaty, accelerating the elimination of tariffs for agricultural and industrial goods, increasing market access and broadening the agreement to cover other areas, such as cross-border trade in services, including financial services.

The ATA will provide airlines with flexibility in terms of routes, frequency of service and pricing, which it is hoped will promote travel, trade and economic growth in each country. In addition, the agreement marks another step towards the successful implementation of Canada’s Blue Sky Policy with countries in Central America.

Finally, the TIEA will create a legal framework to facilitate the exchange of relevant tax information. In turn, this will help both countries to enforce domestic tax laws and protect the integrity of their tax systems.

Commenting on the deals, Harper said:“Canada and Costa Rica enjoy excellent bilateral relations… By removing trade barriers, facilitating air travel between our countries and working together to combat tax evasion, the measures announced today (August 11) will lead to new opportunities and stronger economies for both Canadians and Costa Ricans.”

Canada, Costa Rica Strengthen Tax, Trade Relationship.