The Conference of the Parties of the Warsaw Convention has reviewed how its members monitor banking operations to prevent ML/TF. The Conference of the Parties is responsible for monitoring the implementation of the treaty.
The review report revealed that the majority of the treaty’s member states apply those articles of the treaty which provide a tool to competent authorities to monitor the banking operations being conducted through one or more identified accounts. The report also provides several general and country specific recommendations, asking the members to ensure their implementation. Overall, the report highlights that monitoring of banking operations increases the efficacy of ML/TF investigations.
Since its inception in 2005, the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism is currently in implemented in 37 Council of Europe member states. Notably, the Warsaw Convention is the first international treaty that addresses both prevention and control of ML/TF.
Source: Council of Europe