- It was the first major initiative in the prevention of money laundering held in December 1988.
- This convention laid down the groundwork for efforts to combat money laundering by obliging the member states to criminalize the laundering of money from drug trafficking.
- It promotes international cooperation in investigations and makes extradition between member states applicable to money laundering.
- The convention also establishes the principle that domestic bank secrecy provisions should not interfere with international criminal investigations.
