Europe Protocol Adds Crypto-Assets to Cross-Border Criminal Asset Recovery Rules

Eight countries and the European Union signed a Council of Europe protocol Wednesday, Oct. 14, adding crypto-assets to cross-border criminal asset recovery rules and setting a three-day response deadline for urgent requests. The measure supplements the 2005 Warsaw Convention, a treaty framework addressing money laundering and terrorist financing. The Council of Europe Committee of Ministers adopted it May 15. The Council of Europe is separate from the European Union and has 46 member states. Crypto-assets are included within the wider framework for criminal proceeds. Georgia, Greece, Hungary, Luxembourg, Monaco, Montenegro, San Marino and the United Kingdom signed alongside the European Union. The protocol sets out cooperation among asset recovery offices, financial intelligence units and other authorities working across jurisdictions to preserve and recover property.

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