BIMSTEC member states have finalised an Action Plan to Prevent Illicit Financial Flows in the region and agreed on a Memorandum of Understanding (MoU) on capacity building to strengthen efforts against 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 Ministry of Finance in Shillong on Monday, the BIMSTEC Secretariat said on Tuesday.

The member states also agreed to formulate a BIMSTEC AML/CFT Work Plan for 2026-2028 and accelerate the operationalisation of the BIMSTEC AML/CFT Contact Point Network to enhance cooperation among Financial Intelligence Units.

Delegations from all seven member states reaffirmed their commitment to strengthening regional cooperation in tackling money laundering, terrorist financing, proliferation financing and other emerging financial crimes.

The meeting reviewed progress made since the previous session and exchanged views on national AML/CFT developments, emerging risks, evolving criminal typologies and best practices.

Recognising the increasingly transnational and technology-driven nature of financial crime, participants stressed the need for timely information sharing, stronger institutional capacity and greater use of technology to improve national and regional AML/CFT frameworks.

Delegates also discussed ways to make better use of BIMSTEC's observer status in the Asia/Pacific Group on Money Laundering (APG) to support capacity building, promote knowledge sharing and strengthen member states' preparedness for upcoming Financial Action Task Force (FATF) mutual evaluations.

The meeting also examined emerging threats linked to virtual assets, fintech platforms, artificial intelligence, trade-based money laundering, online fraud and other cyber-enabled financial crimes.

Participants thanked India's Department of Revenue under the Ministry of Finance for hosting the meeting and expressed appreciation to the BIMSTEC Secretariat for its continued coordination and support.

BIMSTEC comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.