EU and Allied Nations Sign Protocol to Combat Crypto Crime
- The European Union and eight countries, including the United Kingdom and Greece, signed the Warsaw Convention protocol to address crypto-funded crime and terrorism.
- The protocol allows for instant asset freezes and enhances Financial Intelligence Units’ ability to halt suspicious transactions.
- Funds recovered over €10,000 will be distributed among involved nations with options for public interest reuse.
- Alain Berset, Secretary General of the Council of Europe, emphasized the importance of cross-border cooperation in recovering criminal assets.
The EU and allied nations are enhancing their regulatory frameworks to counteract the misuse of cryptocurrency for illegal activities. This protocol strengthens their ability to manage virtual assets involved in crimes.
By signing this protocol, these countries aim to improve their collective response to crypto-related crimes, ensuring that recovered assets are used effectively across borders. (Source)
