BIMSTEC nations adopt anti-money laundering action plan at Shillong meeting

The Department of Revenue under the 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 (SG-AML/CFT) in Shillong on July 20, bringing together delegations from all seven BIMSTEC member states to strengthen regional cooperation against financial crime.

The meeting reviewed progress since the previous session and discussed national developments in anti-money laundering and counter-terrorism financing (AML/CFT), emerging risks, evolving criminal typologies and international best practices. Delegates stressed the need for stronger regional cooperation, timely information sharing, capacity building and the effective use of technology to tackle increasingly sophisticated and cross-border financial crimes.

A major outcome of the meeting was the finalisation of the Paper on Illicit Flow of Funds (IFF), the Action Plan to Prevent Illicit Financial Flows in the BIMSTEC Region, and a Memorandum of Understanding on Capacity Building for Combating Money Laundering and Financing of Terrorism, aimed at enhancing collective action and institutional cooperation across member countries.

The participating nations also agreed to prepare a BIMSTEC AML/CFT Work Plan (2026–2028) and emphasised operationalising the BIMSTEC AML/CFT Contact Point Network to strengthen coordination among Financial Intelligence Units.

The meeting explored ways to leverage BIMSTEC's observer status in the Asia/Pacific Group on Money Laundering (APG) to enhance regional capacity building, facilitate knowledge sharing and improve preparedness for upcoming Financial Action Task Force (FATF) mutual evaluations.

Delegates also deliberated on emerging threats linked to virtual assets, fintech platforms, artificial intelligence, trade-based money laundering, online fraud and other cyber-enabled financial crimes, highlighting the need for stronger regulatory frameworks, enhanced public-private partnerships, improved analytical capabilities and closer regional and international cooperation.

The meeting adopted its report for submission to the 11th Meeting of the BIMSTEC Joint Working Group on Counter Terrorism and Transnational Crime (JWG-CTTC). Delegations thanked the Department of Revenue for hosting the event and appreciated the BIMSTEC Secretariat for its continued coordination and support.