EU and Council of Europe adopt protocol updating anti-money laundering rules
What happened
The European Union formally signed the Additional Protocol to the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism, commonly known as the Warsaw Convention, in Strasbourg. This updated instrument explicitly brings virtual assets and virtual asset service providers under the scope of cross-border recovery rules. Initial signatories included Georgia, Greece, Hungary, Luxembourg, Monaco, Montenegro, San Marino, and the United Kingdom.
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Why it matters
The Protocol modernizes legal tools for tracing, freezing, and confiscating proceeds of crime, including digital holdings. Courts gain expanded powers to target assets linked to criminal activity, sometimes without requiring a prior conviction. Financial intelligence units also receive strengthened mandates regarding financial and virtual-asset data.
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Who's involved
- Council of EuropeInternational organization that oversaw the signing of the protocol.
- GeorgiaJoined the protocol as an initial signatory.
- HungaryJoined the protocol as an initial signatory.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- GeorgiaSpeculative
Might face increased compliance costs for its financial sector due to the adoption of new anti-money laundering rules.
- Goldman SachsSpeculative
Could face increased compliance costs and risk assessment for investments due to the new anti-money laundering and terrorist financing protocol.
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The entities involved
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Council of Europe
International organisation founded in 1949
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Georgia
country in the Caucasus region of Europe and Asia
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Hungary
country in Central Europe