Money laundering is associated with efforts to obtain property from illicit actions. The need to use proceeds of criminal activities generates the need to get rid of this gain of illegal origin – money needs to be laundered. The international community has gradually become aware of the necessity of adopting a common and coordinated approach in tackling money laundering and that is why international treaties started to be adopted to fight these activities. Different countries have established organizations and institutions that deal with combating money laundering. In this respect, a key role has been played by the Action Task Force on Money Laundering (FATF). Individual states have set up their Financial Intelligence Units (FIUs), which should actively contribute to preventing the misuse of financial systems within their territories. Also, the European Union has adopted measures which help incorporate the FATF standards into the legislation of its Member States. Some European Union bodies also actively participate in preventing and prosecuting money laundering, yet the powers to suppress this illegal activity still lie largely in the hands of the Member States.