BIMSTEC Member States have finalized an action plan to prevent illicit financial flows in the region alongside a Memorandum of Understanding (MoU) on capacity building to combat money laundering and terrorist financing. The decisions were taken at the 14th Meeting of the BIMSTEC Sub-Group on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), held in Shillong, India. The Department of Revenue under India's Ministry of Finance hosted the meeting, which brought together delegations from all seven BIMSTEC Member States.
Action Plan and MoU
The Member States agreed to develop a BIMSTEC AML/CFT Work Plan for 2026-2028 and stressed the need to operationalise the BIMSTEC AML/CFT Contact Point Network to deepen cooperation among Financial Intelligence Units (FIUs) across the region. They reaffirmed their shared commitment to strengthening regional cooperation in combating money laundering, terrorist financing, proliferation financing and other evolving forms of financial crime.
Key Discussions and Outcomes
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 emerging financial crime challenges. It reviewed progress made since the 13th meeting and exchanged views on national AML/CFT developments, emerging risks, evolving typologies and good practices.
Emerging Risks and Technological Challenges
Recognizing the increasingly transnational and technology-driven nature of financial crime, the Member States stressed the importance of stronger regional cooperation, timely information sharing, capacity building and effective use of technology to reinforce national and regional AML/CFT frameworks. They discussed ways to leverage BIMSTEC's Observer Status in the Asia/Pacific Group on Money Laundering (APG) to enhance regional capacity building and facilitate greater knowledge sharing.
Why This Matters for Bangladesh
This initiative is crucial for Bangladesh as it aims to strengthen the preparedness of Member States for forthcoming mutual evaluations by the Financial Action Task Force (FATF). Enhanced regional cooperation and capacity building will help Bangladesh better combat money laundering, terrorist financing and other financial crimes, ultimately protecting its financial system and contributing to regional stability.
