SINGAPORE – To address Singapore’s growing need for financial forensic professionals, the Commercial Affairs Department has inked a new agreement with the Institute of Singapore Chartered Accountants (ISCA). 

Between 2017 and 2021, the police investigated about 18,700 cases of white-collar crime involving $4.49 billion. The cases included those involving cheating, criminal breach of trust, forgery and fraud.

Since 2016, nearly $1 billion has been lost by scam victims in Singapore. 

The authorities said on Thursday that the agreement will advance the development of financial forensics and widen the talent pool.

“This will lead to better detection and investigation of financial crime,” they said.

The memorandum of understanding (MOU) was signed by CAD director David Chew and ISCA president Teo Ser Luck on Thursday. 

The CAD, a department of the Singapore Police Force, is the main white-collar crime investigation agency here, while ISCA is the national accountancy body. 

Under the MOU, the authorities will streamline the process for police officers to attain the ISCA Financial Forensic Professional credential.

A customised programme will equip police officers with the necessary skills to investigate financial crime, such as for analysing financial statements and managing fraud risk.

Mr Teo 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.”

In a parliamentary reply in October 2022, Minister for Home Affairs and Law K. Shanmugam noted how with greater digitalisation and advancements in technology, white-collar crimes have increased in number and complexity.

He stressed the importance of strong partnerships built by the police with banks, digital platforms and telecommunications companies to tackle such crimes.

Welcoming the partnership with ISCA, Mr Chew said it could be a game changer in how the authorities detect and investigate financial crime.

“This strategic alliance will benefit not only our police officers but also the financial industry as a whole,” he said.

“With the partnership, we hope to further leverage public-private partnerships to efficiently combat financial crime.”