Overview
The rising concern over international economic crime derives from criminal activities that have been taking advantage of innovations and regulatory gaps in the financial and economic sector. In the case of ASEAN, international economic crime generates wider ramifications beyond financial and economic loss across the region. Transnational crime has also become increasingly pervasive, diversified and organised as an impact of globalisation, the advancement of technology and greater mobility of people and resources across national borders. In light of this development, money laundering has emerged as a new form of organised crime that transcends national borders. ASEAN recognises the increasing linkages between international economic crime and money laundering as well as between these two issues with other forms of transnational organised crime, such as cybercrime, money laundering, illicit drug trafficking, illicit trafficking of wildlife and timber, trafficking in persons, arms smuggling and terrorism.
Priority Areas of Cooperation
Cooperation under the ASEAN Ministerial Meeting on Transnational Crime (AMMTC) on international economic crime and money laundering is referred to in the Senior Officials Meeting on Transnational Crime (SOMTC) Work Programme to Implement the ASEAN Plan of Action to Combat Transnational Crime. The Work Programme focuses on several areas such as exchange of information and knowledge, including on relevant laws and regulations of the ASEAN Member States; capacity building activities for law enforcement officials; and promotion of cooperation with external partners.
Major Sectoral Bodies/Committees
ASEAN’s collective efforts to address international economic crime and money laundering are reflected in the inclusion of these crimes among ten areas of cooperation of the AMMTC. ASEAN also has adopted the ASEAN Plan of Action in Combating Transnational Crime which serves as a policy guidance for the ASEAN Member States.
Key Documents
