The 14th Meeting of the BIMSTEC Sub-Group held
SHILLONG: The 14th Meeting of the BIMSTEC Sub-Group on Anti-Money Laundering and Combating the Financing of Terrorism (SG-AML/CFT) was hosted by the Department of Revenue, Ministry of Finance in Shillong on July 20. This significant gathering brought together delegations from all seven BIMSTEC Member States confirming their commitment to enhancing regional cooperation in combating financial crimes such as money laundering and terrorist financing.
The meeting provided an opportunity to review progress since the 13th meeting, during which attendees exchanged views on national developments in Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), identified emerging risks, discussed evolving typologies and shared good practices. Recognizing the complex, transnational, and technology-driven nature of financial crime, the Member States highlighted the necessity of strengthened cooperation, timely information sharing capacity building and leveraging technology to improve both national and regional AML/CFT frameworks.
A pivotal outcome of this meeting was the finalization of the Paper on Illicit Flow of Funds (IFF) and the Action Plan designed to prevent illicit financial flows in the BIMSTEC region. A Memorandum of Understanding focused on capacity building for combating money laundering and financing terrorism was established, further bolstering the framework for cooperative action against financial crimes.
Among other outcomes, the meeting agreed to create a BIMSTEC AML/CFT Work Plan for 2026-2028 and stressed the establishment of the BIMSTEC AML/CFT Contact Point Network aimed at fostering collaboration among Financial Intelligence Units.
Discussions also included strategies for effectively utilizing BIMSTEC’s Observer Status in the Asia/Pacific Group on Money Laundering (APG) to enhance regional capacity building and facilitate knowledge sharing, which is crucial in preparing Member States for upcoming Financial Action Task Force (FATF) mutual evaluations.
Member States engaged in substantial discussions regarding emerging risks linked to virtual assets, fintech platforms, artificial intelligence, trade-based money laundering, online fraud, and other cyber-enabled financial crimes. The need for stronger regulatory frameworks, improved public-private partnerships, enhanced analytical capabilities and greater regional and international cooperation was underscored to effectively tackle these evolving challenges.
The meeting culminated in the adoption of its Report, which will be presented to the 11th Meeting of the BIMSTEC Joint Working Group on Counter Terrorism and Transnational Crime (JWG-CTTC) for further consideration. Delegations expressed their gratitude towards the Department of Revenue, Ministry of Finance of India for their outstanding arrangements and hospitality as well as to the BIMSTEC Secretariat for its ongoing coordination and support.