Bimstec finalises action plan to curb illicit financial flows
The Member States reaffirmed their shared commitment to strengthening regional cooperation in combating money laundering, terrorist financing, proliferation financing and other evolving forms of financial crime.
Bimstec Member States finalised an Action Plan to Prevent Illicit Financial Flows in the region as well as a Memorandum of Understanding(MoU) on capacity building to combat money laundering and terrorist financing.
In a meeting yesterday (20 July) they also agreed to develop a Bimstec AML/CFT Work Plan (2026–2028) and emphasised the operationalisation of the Bimstec AML/CFT Contact Point Network to deepen cooperation among Financial Intelligence Units.
The Department of Revenue, Ministry of Finance, Government of India hosted the 14th meeting of the Bimstec Sub-Group on Anti-Money Laundering and Combating the
Financing of Terrorism in Shillong, India and discussed the issue.
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The Member States reaffirmed their shared commitment to strengthening regional cooperation in combating money laundering, terrorist financing, proliferation financing and other evolving forms of financial crime.
The meeting underscored the need for stronger regulatory frameworks, enhanced public-private partnerships, improved analytical capabilities and closer regional and international cooperation to effectively address these evolving challenges.
The meeting brought together delegations from all seven Member States.
The meeting reviewed progress made since the 13th Meeting of the Sub-Group and exchanged views on national AML/CFT developments, emerging risks, evolving typologies and good practices, said the Bimstec headquarters today (21 July).
Recognising the increasingly transnational and technology-driven nature of financial crime, Member States underscored the importance of strengthening regional cooperation, timely information sharing, capacity building and the effective use of technology to enhance national and regional AML/CFT frameworks.
The meeting also discussed ways to effectively leverage Bimstec's Observer Status in the Asia/Pacific Group on Money Laundering (APG) to enhance regional capacity building, facilitate knowledge sharing, and strengthen Member States 'preparedness for forthcoming FATF mutual evaluations.
Member States also held substantive discussions on emerging risks associated with virtual assets, fintech platforms, artificial intelligence, trade-based money laundering, online fraud and other cyber-enabled financial crimes.
Delegations expressed their appreciation to the Department of Revenue, Ministry of Finance, Government of India for the excellent arrangements and warm hospitality extended to all participants.
The meeting also conveyed its appreciation to the Bimstec Secretariat for its continued coordination and support.
Bimstec comprises seven countries of the Bay of Bengal region: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
