Photo Courtesy: India Today Group
Shillong: Delegates from seven BIMSTEC member states met in Shillong on July 20 to tighten the net on financial criminals. India’s Department of Revenue hosted the 14th Meeting of the Sub-Group on Anti-Money Laundering and Combating the Financing of Terrorism. The summit focused on stopping cross-border financial crimes. Member nations finalized the Paper on Illicit Flow of Funds and an Action Plan to stop these money trails.
Officials also signed a Memorandum of Understanding focused on capacity building. They plan to draft a work plan for 2026 through 2028. Strengthening the network between Financial Intelligence Units remains a top priority. The group also examined risks tied to virtual assets, fintech, artificial intelligence, and trade-based money laundering.
Delegates want better data sharing. They aim to use technology to catch sophisticated actors. The group intends to leverage observer status in the Asia/Pacific Group on Money Laundering to prep for upcoming Financial Action Task Force evaluations. The meeting report will go to the 11th Meeting of the BIMSTEC Joint Working Group on Counter Terrorism and Transnational Crime. Participants credited the BIMSTEC Secretariat for coordination. One official stated that delegates "stressed the need for stronger regional cooperation, timely information sharing, capacity building and the effective use of technology to tackle increasingly sophisticated and cross-border financial crimes."
Comments