Countries across the Bay of Bengal region have agreed a new joint action plan to curb illicit financial flows alongside a formal agreement to boost technical capacity against money laundering and terror financing.
The decision was formalised at the 14th meeting of the BIMSTEC Sub-Group on Anti-Money Laundering and Combating the Financing of Terrorism, hosted by the Department of Revenue under the Indian Ministry of Finance in Shillong.
Delegates representing all seven member nations approved a comprehensive work plan spanning 2026 to 2028.
The agreement prioritises the immediate establishment of a regional contact network to link financial intelligence units across participating states.
During the summit, representatives reaffirmed their commitment to tackling evolving financial crimes, including proliferation financing and online fraud schemes.
Delegates stressed the need for updated regulatory frameworks, stronger public-private partnerships, and improved analytical tools to manage cross-border risks.
The meeting also reviewed progress made since previous regional talks, sharing national updates on emerging risks, criminal typologies, and regulatory best practice.
Given the rise of technology-driven crime, member nations stressed that timely information sharing and modern digital tools are critical to protecting national banking systems.
The group discussed plans to leverage its observer status within the Asia and Pacific Group on Money Laundering to improve institutional readiness for upcoming evaluations by the Financial Action Task Force.
Discussions focused heavily on emerging threats linked to virtual assets, financial technology platforms, artificial intelligence, trade-based money laundering, and cyber fraud.
Participants expressed gratitude to Indian financial authorities for hosting the gathering and acknowledged the ongoing coordination that the regional secretariat provided.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation brings together Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
