Beyond compliance – the human cost of money laundering

Event highlights

“We are here to talk about something that goes far beyond rules, numbers, and compliance checklists”, said Eelco van der Enden, Accountancy Europe CEO, as he welcomed participants. “AML matters, of course, but too often the human reality behind it gets lost. Money laundering is not an abstract concept”.

Eelco emphasised that every laundered euro is linked to real people and harm – whether it is women exploited through trafficking or communities undermined by organised crime.

Regulators, auditors, accountants, and finance professionals are guardians of the public interest. Our role goes beyond following rules on paper. We are co-constructors of a prosperous, inclusive, and resilient economy.

Eelco van der Enden

He finished by saying that understanding the human cost of money laundering helps us reconnect AML with its true objectives:

• preventing harm
• protecting people
• ensuring that our financial systems serve society.

In a fireside chat with Eelco van der Enden, Commissioner Maria Luís Albuquerque reflected on the frameworks we have today, which show more than three decades of shared recognition that money laundering and terrorist financing are serious, persistent threats.

Fragmentation, however, remains a structural weakness – and the benefits of the Single Market, one of Europe’s greatest achievements, cannot be fully realised while fragmentation persists. Member States cannot individually tackle these challenges. Strong AML framework, coherent implementation, and effective supervision are tools to deliver security, stability, and fairness – and to ensure Europe protects its people, upholds its values, and meets citizens’ expectations.

Commissioner Albuquerque said that auditors are the eyes of supervisors inside organisations and play a critical role in ensuring companies deliver on the purpose of the rules, not just the form. Their credibility, insight, and judgment are essential to protect trust in financial markets.

We urge you to go beyond checklists: focus on substance, assess whether rules achieve their intended impact, and help ensure that compliance truly serves its purpose.

Maria Luís Albuquerque

After the fireside chat, Albuquerque delivered a keynote speech highlighting that AML rules should not be viewed as a burden, but as a responsibility – a duty we all share towards society. For her, AML rules are broader than regulatory obligations.

“Fighting money laundering is not an isolated regulatory exercise”, she said. “It is a critical link in the chain that protects trust in our financial system, shields our societies from criminal abuse, and defends the safety, dignity and prosperity for all Europeans”.

See the Commissioner’s full speech here.

Panel discussion summary

1. Women and girls – often from the most marginalised communities – are exploited while organised crime reaps enormous profits. There are real lives, violated and left with lifelong consequences, behind the staggering sums of money that human trafficking generates.
2. In France, €40 million has been confiscated from trafficking rings, a result of the work of auditors, accountants, and other professionals who followed the money. These funds have been reinvested in rehabilitating and supporting victims.
3. Prostitution is not a matter of choice – it is a system built on poverty, inequality, and illegal profits. It normalises violence against women, disguising exploitation as work, and prevents any real progress toward gender equality. Ending this cycle requires recognising that prostitution is both a consequence and a cause of women’s marginalisation, and that true equality cannot exist while this system thrives.
4. Cooperation between regulators, law enforcement, and professionals across the sector creates system-wide intelligence that reveals how criminals operate and which businesses or actors may be unknowingly facilitating exploitation. Auditors and accountants can play a key role in:
   • Targeting the system – AML is designed to follow the flow of illicit money. By tracking financial transactions, we can identify the networks and structures that enable human trafficking and sexual exploitation.
   • Looking for red flags – Exploitation often hides in plain sight. Accountants and auditors play a crucial role by spotting unusual patterns, such as consistent revenue patterns where seasonal peaks are expected; unusual payroll structures; or costs inconsistent with typical business activity. Recognising these anomalies can uncover human trafficking operations masquerading as legitimate businesses.
5. Professionals must maintain an enquiring mind, remain vigilant, and understand the purpose behind regulations. By knowing what to look for and taking action, accountants, auditors, and regulators can prevent exploitation that might otherwise go unnoticed.

Panel speakers

• Maria Noichl, Member of the European Parliament (S&D/Germany)
• Héma Sibi, Executive Director, CAP International
• Angela Foyle, Chair, AML Working Party, Accountancy Europe
• Moderator: Elodie Lamer, Journalist, Tax Notes

About

Join Accountancy Europe and key actors across the AML ecosystem to explore the real-life impacts and human cost of financial crime, and discuss how cooperation across sectors can make a tangible difference.

The EU has recently overhauled its Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) framework, but compliance is only part of the story. What truly matters is understanding the real-world impact of non-compliance – the human suffering, the communities torn apart, and the crimes that robust AML rules are designed to prevent.

Fighting money laundering requires more than regulations. It takes an entire ecosystem of vigilance and cooperation – authorities, supervisors, civil society organisations and obliged entities.

We will discuss:

• women trafficking and gender-based exploitation – revealing the human suffering behind illicit financial flows
• the financial scale of these crimes – showcasing how criminal profits are laundered and legitimised
• red and yellow flags – concrete indicators that authorities, supervisors, and obliged entities should recognise to detect potential criminal activity.

Who should attend:

• policymakers and regulators
• obliged entities
• law enforcement and supervisory authorities
• civil society organisations and NGOs
• professionals engaged in AML/CFT compliance.