The convention will enter into effect when it is ratified by the Lithuanian Parliament.
The convention is the first one to encompass the control and prevention of money laundering and financing of terrorism. It ensures prompt access to financial information about assets of criminal organisations and terrorist groups. This creates conditions for law enforcement institutions to successfully prevent the activities of such organisations. The convention also establishes its implementation mechanism.
The convention was adopted on 15 May 2005 in Warsaw and has been ratified by 26 countries, 12 more countries have signed the convention but are yet to ratify it.