EU and Eight Countries Sign Treaty Expanding Powers to…
By Karthik Subramanian
AI summary of the source article
The European Union and eight countries have signed an international treaty expanding authorities' powers to trace, freeze, and confiscate criminal assets, including cryptocurrencies. The protocol requires five ratifications before entering into force.
Why it matters
It modernizes existing asset recovery procedures to address increasingly sophisticated financial crime involving digital assets and cross-border transactions.
Key facts
- The treaty was signed on October 14, 2026, by the EU, Georgia, Greece, Hungary, Luxembourg, Monaco, Montenegro, San Marino, and the UK.
- The agreement strengthens access to information held by financial institutions and virtual asset service providers, permitting asset freezes without prior notice in urgent cases.
- Five ratifications, including at least three Council of Europe member states, are required before the protocol enters into force.
Source excerpt · FinanceFeeds
The European Union and eight countries have signed an international treaty designed to strengthen authorities' ability to trace, freeze, seize and confiscate assets linked to criminal activity, including cryptocurrencies. The agreement was signed in Strasbourg on October 14, 2026, during the Council of Europe's Octopus Conference on cybercrime. Georgia, Greece, Hungary, Luxembourg, Monaco, Montene…