Sri Lanka’s finance authorities criticised over gambling regulator delays
Parliamentary committee says proposed law falls short of international standards.
Key points:
– Committee on Public Finance (CoPF) says Gambling Regulatory Authority (GRA) Bill is inadequate
– Finance Ministry and Attorney General criticised for delays in finalising legislation
– Concerns raised over 20-year casino licence granted to new integrated resort
Sri Lanka’s Committee on Public Finance has expressed strong dissatisfaction with the progress of legislation intended to regulate the country’s casino sector, The Island reported.
The CoPF said the proposed Gambling Regulatory Authority Bill was not sufficient to manage the fast-growing industry and accused both the Finance Ministry and the Attorney General’s Department of failing to meet key deadlines.
CoPF chair Dr Harsha de Silva said the committee had repeatedly advised successive governments to seek expert input from jurisdictions with established regulatory frameworks such as Singapore. However, he said these calls had not been taken seriously.
The matter has gained renewed attention following the recent opening of the City of Dreams, the country’s first integrated resort with a casino licensed for 20 years.
Good to know: The licence was approved during Ranil Wickremesinghe’s presidency, despite CoPF’s earlier call for no new licences before a regulator was established
The CoPF said it had pressed the Finance Ministry to fund the creation of the GRA by September 2023 and later March 2024, but neither target was met. It also criticised the lengthy 15-month review of the Bill by the Attorney General’s Department, calling for measures to prevent similar delays in future.
Sri Lanka’s casinos are currently governed by outdated laws, including the Casino Business (Regulation) Act 2010 and the Betting and Gaming Levy Act 1988. Despite the 2010 legislation, regulations for licensing and designated operational zones have never been issued.
Major casinos such as Bally’s, Bellagio, Casino Marina and Stardust operate under provisional registrations granted in 2013, while the country still lacks effective tools to monitor the financial activities of the industry, including online platforms.
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