The Conference of the Parties of the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism has published updated thematic monitoring reviews assessing, for the first time, compliance by Aruba (The Netherlands) and Morocco with several treaty provisions.
The reports evaluate the implementation of the provisions concerning the reversal of the burden of proof in confiscation proceedings, the management of the frozen or seized property, monitoring of banking operations as an investigative mean, the money laundering offence, corporate liability, international recidivism, postponement of suspicious transactions, and sharing and return of confiscated property. They contain recommendations to both jurisdictions to improve compliance with the convention's provisions.
The assessment of Morocco was carried out following the entry into force of the convention in the country on 1 August 2022. The evaluation of Aruba was carried out following a decision by the Netherlands to accept applying the treaty to this jurisdiction.
The Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (CETS. No. 198), known as the "Warsaw" Convention), opened for signature in 2005, is the first international treaty covering both the prevention and the control of money laundering and the financing of terrorism.
The Warsaw Convention significantly reinforces the international anti-money laundering and counter terrorist financing standards, including those of the Financial Action Task Force (FATF). It introduces the liability for the money laundering offence when committed through negligence, expressly covers the legal person's liability for money laundering, international recidivism and provides a range of specific measures in confiscation proceedings. It also gives national authorities the power to halt suspicious transactions at the earliest stage to prevent their movement through the financial system. In addition, member states' specialised Financial Intelligence Units (FIUs) must halt such transactions whenever requested by a foreign partner FIU.
The Conference of the Parties monitors states parties' compliance with the convention.
