CouncilEurope

Council of Europe Convention on the Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism

(CETS no. 198)

Open for signature by the member States of the Council of Europe, the non-member State which have participated in its elaboration and the European Union, in Warsaw, on 16 May 2005.

Entry into force: 1 May 2008.

Summary of the treaty

The Council of Europe decided to update and widen its 1990 Convention (ETS No. 141) to take into account the fact that not only could terrorism be financed through money laundering from criminal activity, but also through legitimate activities.

This new Convention is the first international treaty covering both the prevention and the control of money laundering and the financing of terrorism. The text addresses the fact that quick access to financial information or information on assets held by criminal organisations, including terrorist groups, is the key to successful preventive and repressive measures, and, ultimately, is the best way to stop them.

The Convention includes a mechanism to ensure the proper implementation by Parties of its provisions.