Anant Modi is a Consultant in FRA’s London office in the Forensic Accounting team. We sat down with Anant for the first in a series of spotlights on members of FRA’s global team of financial crime experts.
Based on your experience in the firm, how do you find the FRA team or approach different from others in the market?
“I have found FRA to be a truly global and diverse firm with an incredible innate ability to bring teams together from different disciplines and jurisdictions, matching the best expertise and resources to tackle the issues faced by each of our clients.”
What emerging issues/areas/client challenges in FinCrime are you expecting the FRA financial crime team to tackle?
“Financial crime continues to be highly prevalent and challenging world-wide. For example, by most estimates only a very small fraction of the proceeds of crime are intercepted through the combined global anti money laundering efforts. I have seen first-hand how the methods employed by criminals to launder money are also adapting to make this task more difficult over time, such as through increased trade based money laundering and use of money mule accounts, to name just a couple.
The regulators are also responding to this threat; for instance, the EU recently announced plans to create a new pan-European supervisory body to better tackle money laundering across the region and coordinate law enforcement action.
Many financial institutions are aware of the risk that they might wake up to some damaging headline about their organisation facilitating financial crime. I expect this will drive them to continue considering ways to safeguard their businesses as much as possible by looking carefully at their own financial crime response mechanisms. I see FRA helping clients with this dynamic and evolving challenge.”
Recent publications by Anant:
Bracing for the Threat of Insolvency: Will the Cash Run Out? The Lawyer, 3 November 2020
EU brings realism to Art Industry with nouveau AML regulations FCPA Blog, August 2020