Presentation of the Convention and its monitoring mechanism

The 2005 Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (CETS 198), building on the success of the 1990 Council of Europe Convention (ETS 141) in one comprehensive instrument:

• provides States with enhanced possibilities to prosecute money laundering more effectively;
• equips States Parties with further confiscation tools to deprive offenders of criminal proceeds;
• provides important investigative powers including measures to access banking information for domestic investigations and for the purposes of international co-operation;
• covers preventive measures, and the role and responsibilities of financial intelligence units and the principles for international co-operation between financial intelligence units;
• applies all its provisions to financing of terrorism; covers the principles on which judicial international co-operation should operate between Contracting States Parties.

The new Convention provides for a monitoring mechanism through a “Conference of the Parties” to ensure that its provisions are being applied.