ASEAN cooperation in the broad area of finance and banking was carried out by the Committee on Finance and Banking (COFAB) and its subsidiary bodies before their dissolution which became effective I January 1994. The three subsidiary bodies concerned held their last meetings in Bandar Seri Begawan in 1993. The ASEAN Working Group on Customs Matters (AWGCM) met in May, the ASEAN Working Group on Tax Matters (AWGTM) in August, and the ASEAN Insurance Commissioners (AIC) in October. Future activities in the area of customs, taxation and insurance will be carried out through ad hoc task-oriented bodies to be established by SEOM.