Draft bill ratifying 2005 Warsaw convention on proceeds from crime on public consultation

The justice ministry published for public consultation a draft bill ratifying the Council of Europe convention on the “legalization, tracing, seizure and confiscation of proceeds from crime and on the financing of terrorism” signed in Warsaw on May 16, 2005.

The ratification aims at improving cross-border cooperation between member-states of the European Union in seizing and confiscating proceeds of crime. According to the convention, the contracting States should legislate measures that will allow the detection and immediate seizure of illicit proceeds or assets when their value is equivalent to them.

The states will also vote the necessary laws that will allow the judicial and other competent authorities to order the release of the seized banking, financial and commercial assets- and create a system that prevents money laundering.