The Committee on Public Finance (CoPF) of Sri Lanka has given approval for the importation of casino machines, with previous restrictions removed.
The creation of a special mechanism to monitor the importation has been directed to be set up too, with this coming at a time when the country is moving towards modernizing its gaming market.
According to the local Daily Mirror, Chairman Harsha de Silva said: “The government came to the Committee to remove import restrictions imposed during the crisis.
“I realised that Casino equipment was also in that list. So with the concurrence of the committee, I directed them to create a special mechanism to monitor every casino machine to be imported.”
This change marks a major move, with the president having presented a draft bill on gambling reform.
What is Sri Lanka’s casino industry like?
“With regard to the casino regulator, it has so many shortcomings; the law is only to establish the regulator, but regulations must be legislated to manage the operations of the casinos. In Singapore, there are two laws; one is the regulator and the other is to control the casino operations,” the Chairman is reported to have said.
“My worry is that the government is going to legislate junket operations, but with no regulations to monitor. The other major issue is with online casinos with no regulation and no tax.”
In another report, by the local media outlet, CoPF member Ravi Karunanayake explained the reasoning behind seeking approval. It was said this came after examining the revenue potential, with the committee being solely focused on financial assessment.
It was earlier this year when the ‘Gambling Regulatory Authority Act’ was introduced by the government in Sri Lanka, with the aim of creating oversight of gambling activities. The CoPF has previously advocated for a regulatory body to provide this level of oversight.
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