Cambodia’s National Assembly approves new law on commercial gambling management

imagesource:gamblinginsider
imagesource:gamblinginsider

National Assembly of Cambodia recently approved a law relating to management of commercial gambling.

The draft law was approved by 114 law makers out of a total of 117 voters. The new legislation is yet to receive the assent of the King after whose signature it will officially become the law and would come into force.

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”, reported Gambling Insider.

This law is aimed at revenue generation to boost the economy and also to effectively manage commercial gambling sector.

The management entails more control of the State over commercial casinos and other gaming sectors. This would prevent vices such as money laundering, corruption, terrorist funding etc.

The law also sets a minimum level of investment that has to be ensured by casino operators. The minimum level percentage, however, has not been decided yet.

The law comes after the country faced a fair share of gambling problems, illegal activities related to gambling, illegal rackets etc.

The law places a good regulatory system is place and oversees strict enforcement of the system which could solve gambling related problems in Cambodia. The law would also enable judiciary to tackle the situation effectively under the law.