Money laundering and the financing of terrorism are global problems today, they know no national borders and require a global solution. In the last few years, the trends and methods of money laundering and terrorist financing have advanced. With the rapid development of technologies, this trend will continue and the fight against money laundering and terrorist financing will become more and more complex. At the very beginning of the paper, money laundering and its characteristics will be defined, and topics such as the stages of money laundering, the impact of money laundering on the world economy will be touched upon, as well as the definition of terrorist financing prescribed by the Criminal Code and international regulations, and the very methodology of money laundering will be discussed. The second part of the paper will focus on the study of the Financial Action Task Force (FATF), which deals with the problem of money laundering and terrorist financing. The scope of FATF's recommendations as one of the highest bodies in the fight against crime will be analyzed in more detail, the main obstacles that FATF is struggling with and the problems created by countries located on the so-called gray list and Black List. The significance and role of the body founded by the G-7 countries (USA, Japan, France, Germany, Italy, United Kingdom and Canada), FATF, will also be explored. It will go through the implementation problems of the 40+9 recommendations with the national legislation of the member states. The aim of this paper is to explain the problem of money laundering and terrorist financing and to study how influential FATF's recommendations are in the fight against money laundering and terrorist financing, as well as their importance in solving the problem and their longevity.