Cambodia National Assembly nods draft casino law

The law was adopted almost unanimously, gaining 114 votes out of the 117

Cambodia’s?long awaited draft law on commercial gambling?has been approved by Cambodia?National Assembly,?and will now be signed into law by the King of Cambodia.?

Chairman of the National Assembly’s Commission on Economy, Finance, Banking and Audit, Cheam?Yeap?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,”?

The?new?law also?calls for strict casino?sector?management and the?establishment of minimum investment requirements for any businesses looking?to establish a casino operation,?implementation of clearly designated gambling zones within Cambodia, tax rates?and?measures to protect against money laundering and terrorism financing.?

Minister of Economy and Finance,?Aun?Pornmoniroth, said it would provide measures to build greater capacity, including utilisation of appropriate technology, to improve monitoring of casinos.?

Earlier in July,?Government spokesman?Phay?Siphan?said “a 1996 Law on the Suppression of Gambling paved the way for commercial gambling in Cambodia. Many countries had made commercial gambling a tool for tourist entertainment because the sector was under competitive pressures and new ideas were needed.”?

“The efficient implementation of this law is to tighten the management of the casino sector and other commercial gambling more strongly and benefits the national economy and the Cambodian people.”?Siphan?said.?

Pornmoniroth?said,?“Regulations on the commercial gambling sector are designed to enable the sector to operate under the umbrella of transparent law,”?

“[It is] in the face of the increasing investment [that] the government has pushed for the management of the gambling sector.”?Pornmoniroth?added.?

It has been reported that there are currently 193 casinos licensed in Cambodia and?the gambling law has been in the works for nine years by the Ministry of Economy and Finance and the Ministry of Interior, said spokesman?Phay?Siphan.?

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