Ministers of justice from the 46 Council of Europe member states will gather on Tuesday 16 June in Strasbourg for an informal conference on combating money laundering and terrorist financing. Taking place under the Monegasque Presidency of the Committee of Ministers, the meeting aims to enhance judicial systems’ ability to address current financial and technological threats.
Financial crime: globalisation and technology challenge judicial systems
Criminal networks and other malicious actors are exploiting globalisation and digitalisation to conceal illicit assets totalling several billion euros, circumvent international sanctions and fund interference operations. One figure sums up the scale of the challenge: less than 2% of the proceeds of crime are currently subject to effective confiscation in Europe, according to Europol.
At the same time, technological innovations – crypto-assets, decentralised finance, advanced digital payment systems, artificial intelligence – are fundamentally reshaping financial crime. Although they certainly bring new economic opportunities, they can also be exploited for criminal purposes: making it easier to conceal, move across borders and launder illicit funds, while hampering the efforts of the competent authorities to detect and prosecute such activity.
The Council of Europe: leading the struggle against financial crime
In the light of these developments, the European and international response has intensified considerably. Among the Council of Europe’s key tools are its Convention on laundering, search, seizure and confiscation of the proceeds from crime and on the financing of terrorism (Warsaw Convention), together with its new additional protocol, which specifically aims to improve the recovery of criminal assets.
While a robust and largely harmonised legal framework now exists at a pan-European and international level, the main challenge remains to translate standards into concrete results within national justice systems by ensuring effective investigations, successful prosecutions and the confiscation of criminal assets, as well as enhancing international co-operation.
The conference will be opened by Monaco’s Secretary of State for Justice, Samuel Vuelta Simon, and the Secretary General of the Council of Europe, Alain Berset.
A declaration by the Presidency will be published at the close of the conference.
Committee of Minister of the Council of Europe
