An Estonian company that registers domain names will have its accreditation revoked in about two weeks, the Internet's addressing authority said Wednesday.

The Internet Corporation for Assigned Names and Numbers (ICANN) said EstDomains violated its contract after the company's president, Vladimir Tsastsin, was convicted of credit card fraud, money laundering and document forgery in Estonia in February.

ICANN is in the process of organizing a transfer of the 281,000 domain name records EstDomains holds to other registrars. ICANN said the company will be de-accredited on Nov. 24.

ICANN said late last month it would take action against EstDomains but delayed after the company appealed the decision, arguing Tsastin resigned as president in June. ICANN can revoke a registrar's contract if an executive of the company has been convicted of certain felonies or misdemeanors.

The demise of EstDomains couldn't come soon enough for computer security analysts. The registrar held the domain name registrations for a trove of Web sites that hawked pharmaceutical products, sold bogus software and tried to infect users' PCs with malicious software.

But the company's de-accreditation comes on a technicality in its contract with ICANN rather for bad behavior. It highlights what many computer security experts say is a lack of oversight over the Internet to stop abuse such as spam. (Watch a slideshow of spammers in the slammer.)

EstDomains and other companies "are in essence self-policing companies who in theory are supposed to keep criminals off their networks," wrote analysts in a report released this week detailing unethical ISPs and domain name registrars. "ICANN won't enforce its contracts with registrars and criminals are throwing money at registrars. In the end, it hurts the Internet user and consumer."

EstDomains offered anonymous domain name registration, which makes it nearly impossible for anyone outside of law enforcement to find out who actually owns the domain. Most publicly listed information in Whois, which lists who owns a domain, is false for Web sites running scams.

Those who bought domains from EstDomains then turned to criminal-friendly Web hosting services such as McColo, which would deflect inquiries about the legitimacy of the sites. McColo fell offline on Tuesday after its peering partners decided not to support the hosting service anymore.

The IDG News Service is a Network World affiliate.