Council of Europe convention about money laundering and crime investigation
The Warsaw Convention is the first international treaty addressing both money laundering prevention and terrorism financing, binding 28 parties as of 2016.
Key Facts
- Official designation
- CETS 198
- Opened for signature
- 16 May 2005
- Entered into force
- 1 May 2008
- Number of parties
- 28
- Last ratified by
- Turkey, May 2016
- Updates prior convention
- 1990 Strasbourg Convention
By the Numbers
Location
Cause → Event → Consequence
Growing international concern over money laundering and the financing of terrorism, including through legitimate activities, revealed gaps in the 1990 Strasbourg Convention. States recognized that rapid access to financial intelligence on criminal and terrorist organizations was essential to effective law enforcement and prevention.
The Council of Europe opened the Warsaw Convention (CETS 198) for signature on 16 May 2005 in Warsaw. It established the first international treaty framework covering both the prevention and control of money laundering and terrorism financing, including a compliance mechanism to ensure proper implementation by signatory parties.
The convention entered into force on 1 May 2008 and was ultimately ratified by 28 states, with 11 additional states plus the European Union having signed but not yet ratified. It created a binding multilateral legal basis for international cooperation in investigating crime, seizing proceeds, and countering terrorism financing.
Political Outcome
Convention adopted and opened for signature; entered into force 1 May 2008 with 28 ratifying parties by 2016.