New act on the prevention and combating of money laundering and terrorist financing

Abstract

The need for action of international level against money laundering was recognised by economically developed countries in the 80's. First of all, in order to establish a uniform requirement system against the recycling of funds originating from drug trade and organised crime into the legal economy, the Financial Action Task Force (FATF) was set up in 1989. As a key player in the fight against money laundering, this international organisation worked out recommendations and created standards that influence the legislation, the financial and economic sphere and the operation of the executive bodies in a given country, considering the fact that the objective of the recommendations is to unify the system of institutions against money laundering.