Cambodia approves new gambling law
Cambodia’s National Assembly has approved a draft law on commercial gambling management. It was adopted almost unanimously, gaining 114 votes out of the 117. The draft will become a law after the King signs it, and it’s predicted to provide a boost to the economy.
Cheam Yeap, chairman of the National Assembly’s Commission on Economy, Finance, Banking and Audit, said: “This law is aimed to ensure management of the integrated commercial gambling centres and commercial gambling to contribute towards boosting economic growth, promoting the tourism sector, creating more jobs, collecting revenue, and maintaining social safety and security.”
According to Khmer Times, the draft law will allow for more effective control over casinos and other commercial gaming sectors. It sets a minimum capital for the investment in a casino, it will introduce mechanisms to prevent money laundering and terrorist funding and even designate gambling areas in the country. The minimum investment level hasn’t been decided yet, but the GGR will likely have a 7% taxation.
The lack of regulatory law to oversee gambling has caused troubling gambling activities. While the country had a law preventing illegal gambling, there was no strict system to enforce it. With the introduced draft law, the judiciary bodies should be able to carry out their responsibilities more efficiently.
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