Nepal’s Tourism Bill, currently under clause-by-clause discussion by the nation’s House of Representatives, has drawn 263 amendments, with the largest number relating to its casino provisions.
According to the Tourism Times, the nation’s lawmakers are calling for an independent Casino Regulatory Unit under the Department of Tourism, rather than regulation being handled by the Ministry of Culture, Tourism and Civil Aviation (MoCTCA). Multiple legislators called for the change as authorities aim to improve oversight and tax collection on the roughly six main casino operators in the nation and 17 other mini-casino operations.
Other proposed amendments advanced by lawmakers include disclosure of ownership for individuals with 10% or more in any licensed casino operator, with a push to require regulatory approval for transfer of ownership.
Mandatory KYC measures, Financial Intelligence Unit (FIU) monitoring in real time, Suspicious Transaction Reports and a dedicated AML compliance officer per casino were also proposed.
Lawmakers also raised concerns about capping foreign ownership on casinos, with differing proposals ranging from a 49% maximum of foreign ownership to a 25% to 30% range of local ownership of the overall property where the casino operates. Until the bill passes, the current 90% foreign ownership rules remain in place.
Nepal has already implemented a one-casino-per–license framework; however this measure is also being debated by lawmakers.
Authorities in Nepal have recently heavily focused on updating casino legislation, increasing the amount of capital required for operators, reinstating a 5-kilometer requirement from a border (with allowances for those already established if they follow new criteria), explicitly banning online gaming and maintaining its foreigners-only entry requirement.
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