Cambodia National Assembly Approves Draft Gambling Law

Cambodia National Assembly Approves Draft Gambling Law

The Cambodian National Assembly recently approved a new draft law on commercial gambling management that will bring stronger regulations in the nation’s casino industry.

Draft law receives massive support

According to a report by The Khmer Times, the new draft law was approved by 114 out of 117 votes during a session of the 6th National Assembly this week. The draft comes with 12 chapters and 97 articles. The bill now moves to the Senate for approval before it is signed into law by the King of Cambodia.

Cambodia National Assembly Approves Draft Gambling Law

Cheam Yeap, the chairman of the Commission on Economy, Finance, Banking and Audit of the National Assembly commented on the draft and said,

“This law is aimed to ensure management of the integrated commercial gambling centers and commercial gambling to contribute towards boosting economic growth, promoting the tourism sector, creating more jobs, collecting revenue, and maintaining social safety and security.”

What does the new law include?

The new law suggests the setup of a minimum investment requirement for any business looking to establish a casino in the country. It also focuses on clear demarcations of designated gambling zones in the country. The taxes will be 7% of the mass market GGR and 4% of the VIP GGR. It also lays out enhanced terror financing and anti-money laundering protections.

Aun Pornmoniroth, the Minister of Economy of Cambodia said that it will provide the measures for building great capacity, which includes utilization of the right technology and improving the monitoring of casinos in the country. The bill aims to make the local casino industry more competitive and be able to compete on a global scale. The regulatory framework also supports more foreign direct investments in the sector.

Pornmoniroth said that the sector will be able to operate under transparent regulations with this bill. In 1999, some national and international investors started investing on the Cambodian-Thai border, specifically in Poipet area. As investments are increasing, the government seeks to make regulations to manage this sector.

sherlock

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.

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