EU Facilitates Cryptocurrency Confiscation

The European Union, along with Georgia, Montenegro, San Marino, and the United Kingdom, has signed an additional protocol to the Council of Europe Convention that allows for easier confiscation of cryptocurrencies. The protocol aims to combat organized crime and the financing of terrorism. It will enable immediate confiscation of digital assets without prior notification in cases of transaction-related risks. Signatories will create infrastructure for the confiscation and storage of cryptocurrencies linked to illegal activities. National Financial Intelligence Units (FIUs) will be able to suspend cryptocurrency transactions if money laundering is suspected. Affected parties will have priority in recovering confiscated currencies, and assets exceeding €10,000 will be shared among the countries participating in the operation. Countries are encouraged to take legislative actions that allow for the use of confiscated assets for public benefit.

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