2005 Warsaw Convention

Warsaw Convention

Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism
Participation in the Warsaw Convention   Signed and ratified   Only signed   Affected by the EU's signature
Type	Money laundering; International criminal law
Drafted	3 May 2005
Signed	16 May 2005
Location	Warsaw, Poland
Effective	1 May 2008
Condition	Six ratifications, including four Council of Europe States
Signatories	39
Parties	28
Depositary	Secretary General of the Council of Europe
Languages	English and French

The Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism, also known as the Warsaw Convention or CETS 198, is a Council of Europe convention which aims to facilitate international co-operation and mutual assistance in investigating crime and tracking down, seizing and confiscating the proceeds thereof.

This Convention is the first international treaty covering both the prevention and the control of money laundering and the financing of terrorism. This instrument recognises 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.

CETS 198 builds on and updates the 1990 Strasbourg Convention; it takes into account the fact that terrorism can be financed not only through money laundering from criminal activity, but also through legitimate activities. The Convention also includes a mechanism to ensure the proper implementation by Parties of its provisions.

The Convention was opened for signature in Warsaw on 16 May 2005 and entered into force on 1 May 2008. It was last ratified by Turkey in May 2016, bringing the number of parties to 28. It has been signed but not ratified by another 11 states plus the European Union.