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Member states of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) have finalised a regional action plan to combat illicit financial flows, money laundering and terrorist financing across the region.
The decision was taken at the 14th meeting of the BIMSTEC Sub-Group on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT), held in Shillong, India, according to a statement issued by the BIMSTEC Secretariat in Dhaka on Tuesday.
The meeting, hosted by India's Department of Revenue under the Ministry of Finance, was attended by delegations from all seven BIMSTEC member states.
Participants endorsed the BIMSTEC AML/CFT Action Plan for 2026-2028 and agreed to strengthen cooperation among Financial Intelligence Units (FIUs) by operationalising the BIMSTEC AML/CFT Contact Point Network.
The member states also reaffirmed their commitment to enhancing regional cooperation to tackle money laundering, terrorist financing, the financing of weapons of mass destruction, and other emerging forms of financial crime.
The meeting highlighted the need for stronger regulatory frameworks, closer public-private partnerships, improved analytical capabilities, and enhanced regional and international cooperation to address evolving financial crime challenges.
Delegates reviewed progress made since the 13th meeting of the sub-group and exchanged views on national developments, emerging risks, evolving trends and best practices in combating money laundering and terrorist financing.
They also stressed the importance of greater regional collaboration, timely information sharing, capacity building and the effective use of technology to strengthen national and regional AML/CFT frameworks, particularly in response to the growing cross-border and technology-driven nature of financial crimes.
Discussions also covered risks associated with virtual assets, fintech platforms, artificial intelligence, trade-based money laundering, online fraud and other cyber-enabled financial crimes.
The participants explored ways to make effective use of BIMSTEC's observer status in the Asia/Pacific Group on Money Laundering (APG) to expand regional capacity building and knowledge sharing, with the aim of strengthening member states' preparedness for Financial Action Task Force (FATF) mutual evaluations.
The delegates thanked India's Department of Revenue for hosting the meeting and expressed appreciation to the BIMSTEC Secretariat for its continued coordination and support.
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