the Conference of Parties to the Warsaw Convention of the Council of Europe called on its States Parties to apply corporate responsibility to money laundering offenses effectively.
In a report released today, the Conference of the Parties to the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism – also known as the “Warsaw Convention” – assesses the extent to which 36 States have legislative or other measures in place to ensure that legal persons can be held liable for money laundering offenses when committed in their name and for their benefit.““
Corporate liability can be particularly valuable in effectively combating money laundering since criminals often use corporations, charities and businesses to launder their illicit gains. Through sophisticated money laundering schemes, they are often able to avoid liability by disguising their involvement in crime and relying on weak systems for sanctioning corporations and confiscating their illicit gains. .
The report concludes that seventeen countries have fully transposed all the provisions of Article 10: Azerbaijan, Cyprus, Croatia, Georgia, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Republic of Moldova, Romania, Portugal, Saint- Marin, Serbia, Slovak Republic and Sweden.
The Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (CETS No. 198), opened for signature in Warsaw in 2005, is the first international treaty covering both the prevention and the fight against money laundering and the financing of terrorism.
The Conference of the Parties monitors compliance with the convention by the States Parties.
States should effectively enforce corporate liability for money laundering offences: report on the Warsaw Convention