In a significant step towards combating financial crimes and terror financing, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) concluded a two-day Regional Capacity Building Programme on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in Shillong, Meghalaya. The event, held in collaboration with India's Department of Revenue, focused on enhancing technical knowledge and institutional capacity among member countries.
Experts from India's Department of Revenue, Reserve Bank of India, Central Board of Direct Taxes, Financial Intelligence Unit-India, National Investigation Agency, Intelligence Bureau, Indian Cyber Crime Coordination Centre and Enforcement Directorate shared their expertise with participants. The programme aimed to strengthen regional cooperation in tackling evolving financial crimes and help member countries prepare for mutual evaluations under the Financial Action Task Force (FATF) and Asia/Pacific Group on Money Laundering (APG).
The programme covered a range of topics including technical compliance, effectiveness, risk-based approaches, financial intelligence, supervision and national risk assessments. Discussions also featured international cooperation and private sector engagement, with representatives from the private sector providing practical insights. Panel discussions examined emerging trends in cyber-enabled financial crimes and terrorist financing, regulatory responses and the importance of cross-border cooperation.
BIMSTEC, comprising Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand, pursues cooperation in various areas including security, trade and investment, connectivity, energy, tourism, disaster management, climate change, blue economy, science and technology and human resource development. The recent programme underscores the grouping's commitment to enhancing regional security and economic stability by addressing financial crimes.
