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EU Joins 8 Nations to Sign Warsaw Protocol on Crypto Crime

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Sergio Goschenko.

The new treaty modernizes the Warsaw Convention treaty, adding crypto assets to its scope and expanding the attributions of financial intelligence units over these assets, highlighting the importance of international cooperation and reducing response times for information requests between countries.

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Summary

The EU and 8 nations signed a Warsaw Convention protocol to combat crypto-funded crime and terrorism. The agreement enables instant asset freezes and expands financial units’ power to halt suspicious transactions. Recovered funds over €10,000 will be split among involved nations, with provisions for public interest reuse. The European Union and a group of other countries are stepping up their regulatory frameworks to deal with the rising adoption of cryptocurrency assets for illicit purposes and to finance terrorist activities.

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