Monaco signs the Additional Protocol to the Council of Europe Warsaw Convention Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism

The Principality of Monaco signed on 14 October 2026 the Additional Protocol on the Recovery of Assets to the Council of Europe Convention of 16 May 2005 on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (CETS No. 198, known as the Warsaw Convention) (in force in Monaco since 1 August 2019).

The Protocol will enter into force following the deposit of five instruments of ratification, at least three of which must be by member States of the Council of Europe.

The Warsaw Convention of 16 May 2005

The purpose of the Council of Europe Warsaw Convention is to facilitate mutual legal assistance in the investigation, tracing, seizure and confiscation of the proceeds of all types of crime.

It has updated and expanded the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime (ETS No. 141, known as the Strasbourg Convention) (in force in Monaco since 1 September 2002), in order to gain more rapid access to financial information or information relating to assets held by criminal organisations, including terrorist groups.

It covers both the prevention and control of money laundering and terrorist financing, in addition to the the standards of the Financial Action Task Force (FATF) and the work of the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

The Additional Protocol to the Warsaw Convention on the recovery of assets

Adopted on 15 May 2026 and opened for signature on 14 October 2026, the Additional Protocol aims to strengthen and modernise the tools and mechanisms for asset recovery provided for in the Warsaw Convention, by improving the identification, tracing, assessment, freezing, seizure, confiscation and management of property derived from criminal activities, as well as the powers of the competent authorities in the field of asset recovery and international cooperation.

It aims to adapt to evolving methods of money laundering and the concealment of illicit assets by criminal groups that make use of sophisticated technologies, cryptocurrencies, shell companies and complex transnational structures, making it necessary to establish new tools to enable rapid intervention by the authorities, the preservation of the value of assets and cross-border cooperation.

→ Identification and tracing of assets:

• Centralised, automated national mechanism enabling to identify the holders of bank, payment and securities accounts, safe deposit boxes and virtual asset accounts, as well as their beneficial owners and any person authorised to act on behalf of the holder.
• Rapid and effective access to information on accounts, and expanded access for financial intelligence units (FIUs) and asset recovery offices (AROs), whilst respecting data protection safeguards.
• Asset Recovery Offices (AROs) responsible for identifying and tracing assets and facilitating cross-border cooperation, and authorised, in certain situations, to take urgent provisional measures; immediate and direct access to key public registers, in particular those relating to immovable property, companies, vehicles, aircraft, ships and beneficial owners.
• Extension of production orders, seizure and monitoring to all financial institutions and to virtual asset service providers (VASPs) ; access to data relating to customer due diligence (KYC) and document retention.
• Ability to conduct financial investigations at all stages, including after a conviction, using flexible organisational arrangements and multidisciplinary teams.

→ Assessment and freezing of assets:

• Power of financial intelligence units (FIUs) to suspend suspicious transactions, accounts and business relationships, subject to appropriate safeguards.
• Taking provisional measures to prevent the disappearance of illicit assets, swiftly and urgently, whilst respecting due process and the principle of proportionality.

→ Confiscation and management of assets:

• Confiscation extended beyond assets linked to specific offences; confiscation without a criminal conviction, including where criminal proceedings are discontinued; possibility of confiscating property held by third parties, subject to safeguards protecting the interests of persons acting in good faith.
• Cost-effective asset management, preservation of seized assets and the assessment of their value; authorisation for the sale prior to confiscation and before any final decision, where the assets are perishable or depreciate in value, or where the sale is necessary to reduce costs or preserve their value.

→ Social value of assets:

• Encouraging the reuse of confiscated assets for public interest purposes, for example to fund rehabilitation centres; transforming the proceeds of crime into public goods and resources for the benefit of society.

→ International cooperation:

• Extended cooperation in the enforcement of confiscation orders and provisional measures, and in providing assistance with investigations.
• Use of standardised forms to facilitate swifter and more coordinated action.
• Cooperation between joint investigation teams (JITs) in the field of asset recovery; priority restitution and sharing of recovered assets between the Parties, with the possibility of compensating victims.

→ Guarantees and support:

• Protection of human rights, right to a fair trial and right to property; effective remedies ; notification requirements; secure exchange of information.
• Training and adequate resources; monitoring by the Conference of the Parties (COP).

Sources :

• Official Website of the Council of Europe > https://www.coe.int/fr/web/cop198/-/council-of-europe-treaty-strengthening-criminal-asset-recovery-opened-for-signature https://www.coe.int/en/web/cop198/additional-protocol
• Official Website of the Direction des Services Judiciaires > https://www.justice.mc/monaco-parmi-les-premiers-etats-signataires-du-protocole-additionnel-la-convention-de-varsovie