The Justice Ministers of the 46 member states of the Council of Europe have reaffirmed their determination to step up efforts to combat money laundering and terrorist financing, which are seen as major threats to democratic security, the rule of law and the integrity of economic and financial systems. They have done so at a conference held under the Monegasque Presidency of the Committee of Ministers.
The declaration presented on this occasion sets out a series of measures to strengthen the effectiveness of criminal-justice action, enhance the identification, seizure, confiscation and recovery of criminal assets, and adapt to new forms of financial crime.
"The fight against money laundering and terrorist financing is a long-term political commitment, which requires the constant adaptation of systems, the sustained involvement of all relevant stakeholders, and a strong, professional and independent judiciary," said the Secretary of State for Justice of the Principality of Monaco, Samuel Vuelta Simon.
Fighting money laundering is defending democracy
"Tracking down dirty money, recovering it and preventing it from infiltrating our institutions is not just about fighting crime: it is about defending democracy," said the Secretary General Alain Berset of the Council of Europe.
The declaration underlines the need for a criminal-justice response that ensures offences are effectively investigated, prosecuted and subject to effective criminal sanctions.
Participants also called for the capacities of the competent authorities to be strengthened. They underlined the importance of institutional cooperation, training and the specialisation of prosecutors, judges, investigators and supervisory and regulatory authorities, as well as adequate resources to ensure the swift and effective handling of cases.
To better coordinate efforts to combat illicit financial flows, the text recommends adopting national strategies involving all relevant public authorities and private-sector entities subject to anti-money laundering and counter-terrorist financing obligations.
The declaration also notes that these measures must remain fully consistent with the requirements of the European Convention on Human Rights.
Depriving criminals of their profits, including crypto-assets
The declaration notes that confiscation of the proceeds of crime is one of the most effective means of combating financial crime. It underlines the central role of financial intelligence units in the early detection and analysis of suspicious transactions and calls for improvements to the quality, relevance and operational use of suspicious transaction reports, in order to facilitate the work of law enforcement authorities.
The declaration encourages strengthening financial and asset investigation capacities, notably through the use of innovative technological tools to detect, trace and analyse the proceeds of crime and complex financial flows, including those involving crypto-assets.
States are called on to strengthen their capacities to identify, freeze, seize, confiscate and recover the proceeds of crime, including digital assets and crypto-assets, notably through dedicated structures and effective cooperation among competent authorities. The declaration underlines the importance of effectively managing seized and confiscated property in order to preserve its value and, where appropriate, to consider its use for the benefit of the public interest.
To address new threats, international judicial cooperation between judges and prosecutors is essential, particularly with regard to the early exchange of information, the execution of mutual legal assistance requests, joint investigation teams, coordinated operations involving several states, cross-border seizures and the sharing of confiscated assets.
States should also adapt their legal and institutional frameworks to new forms of financial crime and the challenges posed by digital technologies, artificial intelligence, decentralised platforms and new mechanisms for anonymising transactions.
Lastly, the ministers called for the effective implementation of Council of Europe conventions and their protocols in the fields of criminal cooperation, the fight against money laundering, asset confiscation, corruption and cybercrime, and encouraged broad accession to them.
Committee of Ministers of the Council of Europe
The Council of Europe and crime
