EU Signs Warsaw Convention Crypto Modernization Additional Protocol
The European Union and a group of other countries are stepping up their regulatory frameworks to deal with the rising adoption of cryptocurrency assets for illicit purposes and to finance terrorist activities.
On Wednesday, the EU and 8 allied nations, including Georgia, Greece, Hungary, Luxembourg, Monaco, Montenegro, San Marino, and the United Kingdom, were the first subscribers to 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 referred to as the “Warsaw Convention.”
“Criminal money sustains organised crime. It also buys what should never be for sale: our democracies. Taking that money away is democratic security. No state can recover criminal assets across borders on its own. With this Protocol, none will have to,” said the Secretary General of the Council of Europe, Alain Berset, highlighting the increased cooperation that will derive from this new protocol.