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.