The Act on the Prevention of Money Laundering and Terrorist Financing was adopted in July 2007 and came into force as a whole at the end of January 2008. On its basis, several executive regulations were adopted. The new Law has replaced the previous Law on the Prevention of Money Laundering and harmonised national law with respect to the provisions of the revised anti-money laundering legal instruments, and has brought Slovenian legislation into line with the new standards on countering the financing of terrorism. With the adoption of this Act, Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing was implemented in the legislation.