The challenges that the phenomenon of money laundering entails, as well as the causes that lead to it, attract increasing attention of modern economies. The criminal offense of money laundering is immediately preceded by another criminal offense, the offense by which illegal financial gain is obtained. The process of money laundering and the apparent legalization of illegal capital, and its entry into regular economic flows, have negative consequences, both for the economy and for society as a whole. In the first part of this paper, we will get to know the phenomenon of money laundering itself, when and under what circumstances it appears, its process itself, the stages it goes through, and the methods through which it takes place. The second part of the work will be oriented towards the response of the international community to the challenges that money laundering, as well as the financing of terrorism, present to modern economies. The only correct approach to problems of a global nature, such as money laundering and terrorist financing, is to try to find a solution on a global, or international, level. Thus, the Financial Action Task Force (FATF) represents one of the most important international organizations in the field of combating money laundering and terrorist financing, and its recommendations are considered an international standard in this field. In this regard, of particular interest in this work will be MONEYVAL - committee of experts on the evaluation of anti-money laundering measures and the financing of terrorism, whose primary role is to carry out evaluations of the implementation of FATF recommendations in the national legislation of member states of the Council of Europe that are not FATF members.