Yesterday, the National Assembly of Cambodia adopted a bill on commercial gaming management, under which casinos and other gambling facilities in the country are set to be put under stricter control.
Leng Peng Long, the secretary-general of the National Assembly, revealed the draft of the new gambling law is set to be submitted for further review to the Senate. He explained that the proposed bill was approved by an expert committee formed in the National Assembly after hours of consideration.
As confirmed by Aun Pornmoniroth, the Cambodian Economy and Finance Minister, the draft law was unanimously approved by 114 lawmakers attending the parliamentary session. Minister Pornmoniroth further noted that the newly-approved bill sets a minimum capital for making a casino investment and unveils measures that are aimed at fighting the financing of terrorist organizations and money laundering.
During the session, the minister shared that the new piece of legislation is primarily aimed at ensuring further enhancement of the commercial gaming facilities’ management in Cambodia and also at contributing to expanding economic growth, increasing fresh tax revenue, making the country more attractive to tourists and maintaining social security and safety.
Currently, casinos in Cambodia are licensed to operate as part of the Government’s efforts to attract foreign tourists, while the country’s residents are not permitted to gamble in casinos. So far, the authorities have given operating licenses to a total of 193 casino venues.
Draft Bill on Commercial Gambling Management Unanimously Passed by the NA
As mentioned above, the draft law, which contains 12 Chapters and 97 Articles, was backed by 114 of a total of 117 votes at the latest session of the 6th National Assembly legislature at the beginning of the week. Now, it is expected to be signed into law by the King.
Commercial gambling management is a primary focus of the regulatory controls that are being unveiled under the new piece of legislation. The regulation of the sector includes the establishment of some requirements for a minimum investment made by all businesses that are willing to establish a casino operation in Cambodia. Furthermore, the new law also includes provisions for the implementation of clearly set gambling zones within the country, enhanced anti-money laundering and terrorist organizations financing controls, as well as new tax rates.
According to Article 56 of the bill, operating without permission will result in the suspension of businesses, as well as a fine of 10 million riel. The same applies to casinos.
The Minister of Economy and Finance Aun Pornmoniroth explained that the new piece of legislation is expected to help the country’s casino industry become more competitive on a global scale by offering a more attractive regulatory framework that could attract new direct investments from foreign operators. He shared that the regulations on the draft bill that is set to become law would make sure greater capacity is built, along with an improvement in the casino sector monitoring.
Mr. Pronmoniroth shared that the new regulations are specially designed to make it possible for the commercial gambling sector to operate under transparent law.
