New Council of Europe treaty to strengthen crypto asset recovery

Homepage > News > Business > New Council of Europe treaty to strengthen crypto asset recovery TL;DR: Eight countries (Georgia, Greece, Hungary, Luxembourg, Monaco, Montenegro, San Marino, and the U.K.), plus the EU and its 27 member states, signed a new Council of Europe protocol to the Warsaw Convention. It lets authorities freeze, seize, and confiscate criminal assets, including digital currency, across borders, in some cases without a conviction. Key Takeaways: The Council of Europe opened a new additional protocol to the 2005 Warsaw Convention for signature on October 14, to strengthen confiscation of criminal assets, including crypto-assets. Eight Council of Europe member states, the EU, and its 27 member states have signed so far. The protocol allows courts to confiscate property linked to wider criminal conduct without a criminal conviction, subject to safeguards and national implementation. Authorities may freeze or seize assets urgently without prior notice, and recovery offices must respond to cooperation requests within set deadlines, including three days in urgent cases. Confiscated assets are, as a priority, returned to victims or legitimate owners, and sums a...