BIMSTEC agrees regional AML action plan
BIMSTEC member states have finalised an Action Plan to Prevent Illicit Financial Flows across the Bay of Bengal region and agreed on a Memorandum of Understanding (MoU) to strengthen capacity building in combating 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), hosted by India’s Department of Revenue under the Ministry of Finance in Shillong on 20 July, the BIMSTEC Secretariat said on Monday.
The seven member states also agreed to develop a BIMSTEC AML/CFT Work Plan (2026–2028) and stressed the need to operationalise the BIMSTEC AML/CFT Contact Point Network to enhance cooperation among Financial Intelligence Units.
The meeting reaffirmed the members’ shared commitment to strengthening regional cooperation to combat money laundering, terrorist financing, proliferation financing and other emerging forms of financial crime.
Delegations reviewed progress since the 13th meeting and exchanged views on national AML/CFT developments, emerging risks, evolving typologies and international best practices.
Recognising the increasingly transnational and technology-driven nature of financial crime, the member states emphasised timely information sharing, capacity building and the effective use of technology to reinforce national and regional AML/CFT frameworks.
Discussions also focused on strengthening regulatory frameworks, expanding public-private partnerships, improving analytical capabilities and enhancing regional and international cooperation to address evolving financial crime risks.
The meeting examined ways to leverage BIMSTEC’s Observer Status in the Asia/Pacific Group on Money Laundering (APG) to bolster regional capacity building, facilitate knowledge sharing and better prepare member states for upcoming Financial Action Task Force (FATF) mutual evaluations.
Delegates also discussed emerging threats linked to virtual assets, fintech platforms, artificial intelligence, trade-based money laundering, online fraud and other cyber-enabled financial crimes.
The meeting concluded with appreciation for the Government of India and the BIMSTEC Secretariat for organising and coordinating the event.
Speaking separately at an interaction with members of the Diplomatic Correspondents Association, Bangladesh (DCAB), BIMSTEC Secretary General Indra Mani Pandey said the organisation was steadily evolving into a leading regional platform for economic and technical cooperation in the Indo-Pacific.
He described comparisons between BIMSTEC and SAARC as “misleading and misplaced”, saying the organisation should be assessed on its own merits rather than through the lens of other regional groupings.
“BIMSTEC enjoys the requisite political support of its members, focuses on forging tangible cooperation and stays away from political issues,” he said.
Pandey noted that since its establishment in 1997, BIMSTEC had made significant institutional progress through the adoption of its Charter, the creation of new institutional mechanisms and the formulation of a long-term vision document.
He said regional cooperation remained essential for the development and security of the Bay of Bengal region, adding that BIMSTEC served the core economic and security interests of Bangladesh and the other member states.
“BIMSTEC is a real and present opportunity, not a remote and hypothetical possibility,” he said.
Highlighting Bangladesh’s role as the current BIMSTEC chair, Pandey said the country had actively contributed to shaping the organisation’s agenda and was leading regional cooperation in trade, investment and development, fiscal and monetary policy, and the blue economy.
He also outlined several initiatives aimed at improving regional economic integration, including negotiations on a BIMSTEC Motor Vehicles Agreement to facilitate land connectivity, consideration of a BIMSTEC visa facilitation scheme to ease travel, and India’s proposal to establish a BIMSTEC Sustainable Maritime Transport Centre.
Pandey said BIMSTEC had also finalised a Plan of Action on Countering Radicalisation and Terrorism, while an implementation matrix for a regional plan to combat human trafficking had been prepared.
The organisation has also decided to institutionalise the BIMSTEC Home Ministers’ Meeting, with the inaugural session scheduled to be hosted by India in October 2026.
Responding to a question on the Rohingya issue, Pandey said the organisation’s agenda was decided collectively by all member states and currently did not include issues of a political nature.
BIMSTEC comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
Bangladesh assumed the rotating chairmanship of the regional grouping at the conclusion of the sixth BIMSTEC Summit in Bangkok in April 2025.
