The Institute of Singapore Chartered Accountants (ISCA) has signed an MoU with the Singapore Police Force’s (SPF) Commercial Affairs Department (CAD) in order to advance the development of financial forensics.

The SPF investigated about 18,700 cases of white-collar crime from 2017 to 2021, with a total subject matter value of SGD 4.49bn (3.42bn USD).

Under the MoU, both parties 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.

Both parties will support each other’s professional development programmes, to nurture and attract more financial forensic talent to the industry. CAD and ISCA will also collaborate on the development of research and knowledge resources in financial forensics.

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.

ISCA president Teo Ser Luck said: “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. Our collaboration with CAD will enrich the talent pool and contribute to upholding Singapore’s integrity as a global financial centre and business hub.”

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CAD director David Chew said: “The collaboration with ISCA serves as an important step towards capacity building in the financial forensics arena, which could be a game-charger in how we detect and investigate financial crime. 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.”

The MoU was signed on 2 February.

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