Money laundering is a procedure where perpetrators of those criminal offenses conceal the real origin and ownership of funds such as money, other assets or rights acquired through criminal acts to bring them into the legitimate economic system. The purpose of money laundering is to convert the funds acquired in an illegal way into funds with a legitimate source. When undetected, money launderers can enjoy the fruits of their illegal activity. The process of money laundering consists of three basic phases, namely: the deposition phase, the refining phase and the integration phase. These phases do not have to take place in that order, but intermediate stages are also possible as new ways of money laundering. Once the perpetrators succeed in concealing the illegally acquired funds, they can start funding terrorism or terrorist organizations. Financing terrorism represents the provision of financial support in any form to individuals or terrorist organizations with the aim of committing a terrorist act. For terrorist organizations it is important to conceal the use of resources used for illegal purposes and the sources of such funds so that such acts remain undetected. Financing terrorism and money laundering use similar techniques to conceal the use of funds, so anti-money laundering laws do not cover only terrorist resources coming from legal sources, but also the techniques of concealing money intended for terrorist purposes. Financing terrorism and money laundering can have long-lasting and powerful social and economic consequences, especially for developing countries and for countries with insufficiently developed financial systems. The role of auditors, audit firms, accountants and tax consultants is of crucial importance in preventing the negative consequences. Auditors and other authorities responsible for the prevention of money laundering and the financing of terrorism have special statutory measures in accordance with the Anti-Money Laundering and Terrorist Financing Act through which they conduct certain procedures, analyses, risk assessments in order to detect and prevent money laundering and terrorist financing. Auditors, tax consultants and accountants are obliged to notify the Office for Money Laundering Prevention of transactions and people that are subject to suspicion of money laundering or the financing of terrorism. The Financial Inspectorate of the Ministry of Finance controls and oversees the implementation of measures carried out by audit firms, independent auditors, individuals performing accounting services and tax advisory services. As money laundering and terrorist financing is a global problem, there are international institutions that collaborate closely with each other and take actions to prevent this problem.