Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism, 2005

The Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism was adopted at Warsaw on 16 May 2005 and entered into force on 1 May 2008.

The Council of Europe decided to update and widen its 1990 Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime of 1990 (CETS 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.

State Parties to the Convention have the obligation to adopt such legislative and other measures as may be necessary to enable search, tracing, identification, freezing, seizure and confiscation of property, of a licit or illicit origin, used or allocated to be used by any means, in whole or in part, for the financing of terrorism, or the proceeds of this offence. State Parties shall ensure co-operation and investigative assistance to the widest possible extent.