FROM BONDAGE TO FREEDOM 69 include “organized criminal group”, a definition internationally agreed upon for the first time. The Convention establishes five offences, whether committed by individuals, or corporate entities156 that are covered by participation in an organized criminal group, corruption, money laundering, obstruction of justice, and “serious crime”. There are, however, two principal prerequisites for application. First, the relevant offence must have some kind of transnational aspect. Second, it must involve an organized criminal group. “Serious crime” is defined in such a way as to include all significant criminal offences. It refers to conduct constituting a criminal offence punishable by a maximum deprivation of liberty of at least four years or a more serious penalty157. As a result, States will be able to use the Convention to address a wide range of modern criminal activities including trafficking and related exploitation as well as migrant smuggling. This is especially important in view of the fact that States may become parties to the Convention without having to ratify any or all of the protocols158. In keeping with its nature as a transnational cooperation agreement, the Convention contains specific provisions for prevention, investigation and prosecution of these offences as well as serious crimes when they are transnational in nature and involve an organized criminal group159. State parties to the Convention are obliged to adopt domestic laws and practices, which would prevent or suppress activities related to organized crime. To combat money laundering, for example, countries would require their banks to keep accurate records and make them available for inspection by domestic law enforcement officials. Under the Convention, bank secrecy cannot be used to shield criminal activities. State parties to the Convention are also required to take appropriate action to confiscate illicitly acquired assets. The Convention foresees the possibility for an asset sharing mechanism under which State Parties are encouraged to contribute confiscated assets to bodies working for the fight against organized crime. 156 Supra note 3, Art. 10 157 Ibid., Art 2 (b) 158 Ibid., Art 37(3) 159 Ibid., Art. 18.