Nepal’s proposed Tourism Bill has attracted a wave of suggested changes from lawmakers, with casino-related provisions emerging as one of the main areas of debate.
According to The Tourism Times, a Nepal-based news platform, the Tourism Bill 2081 has drawn 263 amendment proposals from 58 members of the country’s House of Representatives – the national parliament’s lower chamber – during clause-by-clause scrutiny.
Among the key proposals is the creation of an independent Casino Regulatory Unit under Nepal’s Ministry of Culture, Tourism and Civil Aviation, replacing the current arrangement where the overseeing body is the Department of Tourism.
Lawmakers supporting the proposal argue that a dedicated regulator would strengthen oversight of the country’s casino sector, improve tax collection, and enhance regulatory enforcement, per the report.
Previously disclosed provisions include reducing the maximum level of foreign ownership in casino businesses to 49 percent, restoring a requirement that casinos be located at least 5 kilometres (3.1 miles) from an international border, and requiring casino operations to be conducted through separate legal entities partnered with hotels or resorts.
A number of proposals call for a full disclosure of ultimate beneficial owners holding 10 percent or more of any casino-licensed company, with transfers of ownership requiring regulatory approval, The Tourism Times reported.
Other proposals call for mandatory know-your-customer systems, real-time financial intelligence unit monitoring, suspicious transaction reports, and an anti-money laundering compliance officer at each casino, according to the media outlet.
Industry participants have previously expressed to local media concern that some of the proposed amendments, particularly the lower cap on foreign investment, could make Nepal less attractive to international casino investors.
