IMF Says Cambodia’s Casino Ownership Rules Are “Deficient”

IMF Calls for Stronger Casino Ownership Checks

Cambodia’s legal framework for preventing criminals from owning or controlling casinos is “deficient” and should be “rectified swiftly”, according to the International Monetary Fund (IMF) in its latest report on the country.

The international organisation also urged Cambodian authorities to strengthen the process used to assess casino ownership and licence applicants.

“Most existing licences are expected to be renewed around 2027, offering a good opportunity to review the licensees against upgraded requirements,” the IMF said.

More Than 100 Licensed Casinos Remain in Operation

Cambodia is seeking to gradually reduce the number of casinos operating in the country while tightening licensing requirements for the sector.

Prime Minister Hun Manet has previously said that the country’s more than 100 legally licensed casinos represent an excessive number, signalling plans for a more restrictive approach to the industry.

The IMF’s recommendations come as Cambodian authorities continue to review the regulatory framework governing commercial gambling.

Lack of “Fit-and-Proper” Requirements

The IMF identified the absence of suitability requirements for beneficial owners and the lack of obligations to establish a legitimate source of funds as a significant vulnerability.

According to the report, this issue should be treated as a “top priority” by Cambodian authorities.

Cambodia’s Law on the Management of Commercial Gambling currently requires major casino shareholders, defined as those holding stakes of 10 percent or more, as well as senior managers, to demonstrate a “good reputation” and characteristics of “honesty and integrity”.

However, the IMF said that the assessment conducted by the Commercial Gambling Management Commission of Cambodia (CGMC) does not go beyond reviewing criminal-record certificates submitted by applicants.

IMF Recommends Broader Suitability Tests

The IMF recommended amending the legal framework so that beneficial owners and shareholders, alongside managers and directors, are subject to a robust “fit-and-proper” assessment.

Such requirements would expand the scope of regulatory scrutiny beyond the current approach and provide authorities with stronger tools to assess the individuals ultimately controlling casino businesses.

Regulator Developing New Integrity Framework

The CGMC is already developing an integrity assessment framework for casino licence applications and renewals.

The initiative is intended to strengthen oversight of the casino sector and establish clearer suitability requirements for operators.

The IMF's recommendations could therefore coincide with Cambodia’s planned review of existing licences, particularly as a significant number are expected to come up for renewal around 2027.

18 Casino Licences Revoked

The regulatory review is also taking place amid a nationwide campaign against online scam operations.

Earlier this month, Cambodian authorities confirmed that the licences of 18 casinos had been revoked, while operations at another nine casinos were suspended pending further inquiries.

The measures form part of broader efforts by Cambodian authorities to address illegal online activities linked to casino operations and strengthen oversight of the gambling sector.