Officials sign Council of Europe Convention on Laundering and Financing of Terrorism
On 28 October, the Permanent Representative of Lithuania to the Council of Europe, Ambassador Laima Jurevičienė and the Deputy Secretary General of the Council of Europe Gabriella Battaini-Dragoni signed the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism. The Seimas (Parliament) of Lithuania still has to ratify the Convention.
This new Convention is the first international treaty covering both the prevention and the control of money laundering and the financing of terrorism. It grants quick access to financial information or information on assets held by criminal organisations, including terrorist groups, which is the key to successful preventive and repressive measures and is the best way to stop them. The Convention includes a mechanism to ensure the proper implementation by parties of its provisions.
The Convention was adopted on 15 May 2005 in Warsaw. It has been ratified by 26 countries. Another 12 countries have signed the Convention but have not ratified it.
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