With the growing incidence of financial fraud, the Singapore Police Force’s Commercial Affairs Department (CAD) and the Institute of Singapore Chartered Accountants (ISCA) agreed to work together to develop the expertise of the Singapore police in digital forensics in order to uncover and fight financial crime.
“The collaboration with ISCA serves as an important step towards capacity building in the financial forensics arena, which could be a game-changer in how we detect and investigate financial crime,” said David Chew, director of CAD, Singapore Police Force.”
Chew added: This strategic alliance will benefit not only our SPF officers but also the financial industry as a whole. With the partnership, we hope to further leverage public-private partnerships to efficiently combat financial crime.”
From 2017 to 2021, the SPF investigated 18,700 cases of white-collar crime, with a total subject matter value of about S$4.49 billion. This makes it imperative to widen the talent pool of qualified financial forensic professionals in Singapore.
“To combat white-collar crime, we need skilled talent who understand the most recent developments in financial forensics in an increasingly sophisticated and tech-enabled environment,” said ISCA president Teo Ser Luck.
He added: “Our collaboration with CAD will enrich the talent pool and contribute to upholding Singapore’s integrity as a global financial centre and business hub.”
Under their recently-signed MOU, both CAD and ISCA will collaborate to streamline the process for CAD officers and relevant SPF officers to attain the ISCA Financial Forensic Professional credential.
This will include customising the ISCA Financial Forensic Accounting Qualification (ISCA FFAQ) programme for SPF.
Developed by ISCA in collaboration with industry experts, the ISCA FFAQ provides specialised training in forensic accounting and investigation, digital forensics, combating financial crime, and professional ethics. Completion of the programme, coupled with the attainment of relevant work experience, will lead to the conferment of the ISCA Financial Forensic Professional designation.
Furthermore, as part of their MOU, CAD and ISCA will support each other’s professional development programmes, to nurture and attract more financial forensic talent to the industry. Both parties will also collaborate on the development of research and knowledge resources in financial forensics.
