Sri Lanka’s parliament has passed the Gambling Regulatory Authority Bill via a second reading, a week after it was approved by the body’s Committee on Public Finance. It comes into force as the Gambling Regulatory Authority Act, upon endorsement by the parliamentary speaker.
The legislation enables the setting up of a Gambling Regulatory Authority and allows for repeal of some existing measures. They are: the Horse Racing Betting Ordinance; the Gambling Ordinance, and the Casino Ordinance, with the new law consolidating those regulatory topics under a single framework.
The Economynext news platform cited Deputy Economic Development Minister, Anil Jayantha Fernando, as telling parliament that the new regulator would ensure casinos follow the rules set for them, and would address concerns about the risk of money laundering.
The news platform also said that separately, the Committee on Public Finance had presented to parliament foreign exchange regulations relating to gaming.
The Daily FT reported that during Tuesday’s second reading of the Gambling Regulatory Authority Bill, some opposition lawmakers urged Sri Lanka’s government to introduce what the news outlet termed “stringent mechanisms” to regulate online gambling.
According to the bill, the new regulator would have a broad mandate, including the collection of gambling-related revenue, ensuring transparency and good governance in the industry, curbing illegal gambling, and standardising betting and gaming establishments.
The body is also expected to play a role in “minimising social harm”, while supporting economic growth and the development of the tourism sector.
A draft of the Gambling Regulatory Authority Bill had been gazetted in May under the directive of the country’s leader, President Anura Kumara Dissanayake, in his capacity as minister of finance, planning and economic development. The parliament’s finance committee gave its approval on August 12.
That was soon after Sri Lanka opened its first-large scale integrated resort with casino, in the country’s capital, Colombo, eyeing in particular, tourists from neighbouring India.
City of Dreams Sri Lanka is a venture between global casino operator Melco Resorts & Entertainment Ltd, and local developer, John Keells Group Plc.
