Guatemala’s Economy Minister, Antonio Malouf, has urged Congress to pass Law 4294 on Games of Chance. He claims that it will attract foreign investment and boost the tourist industry.
“Other countries have managed to have a tourist industry and rely on cities like the well-known Las Vegas,” Malouf said.
Malouf wants Congress to finally regulate gambling so that the country meets much stricter anti-money laundering standards. He hopes to achieve this through another bill, Bill 582. The Bank Superintendency has argued that in order for Bill 582 to be effective, casinos, video lotteries, bingo halls, and games of chance must have a regulatory body.
It stated in its Mutual Evaluation Report in 2015 that casinos and video lotteries were particularly vulnerable because they were unregulated entities. Furthermore, GAFILAT stated that there were no safeguards in place to prevent criminals from owning a gaming establishment.