Singapore Police Force (Commercial Affairs Department) and ISCA Sign MOU to Advance the Development of Financial Forensics in Singapore

2 February, 2023 — The Singapore Police Force (SPF)’s Commercial Affairs Department (CAD) and the Institute of Singapore Chartered Accountants (ISCA) signed a Memorandum of Understanding (MOU) today to advance the development of financial forensics and widen the talent pool of qualified financial forensic professionals in Singapore. This will lead to better detection and investigation of financial crime.  

The MOU was signed by Director of CAD, Mr David Chew and ISCA President, Mr Teo Ser Luck. 

From 2017 to 2021, the Police investigated about 18,700 cases of white-collar crime, with a total subject matter value of about $4.49 billion. There is a growing need for financial forensic professionals, who are skilled in uncovering financial fraud and develop expertise in the field of digital forensics. This will help to bolster the nation’s fight against financial crime. 

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 Mr 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.”

Director of CAD, Mr David Chew, added, “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.”

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For media queries, please contact:

Singapore Police Force
Mr Lenon Li
Public Affairs Department
Tel: 9009 9549
Email: LI_Ming_Yong@spf.gov.sg

ISCA
Lin Daoyi 
Manager, Communications 
Tel: 9850 8979 
Email: daoyi.lin@isca.org.sg

Betsy Tan
Head, Communications 
Tel: 9641 6920 
Email: betsy.tan@isca.org.sg

About the Commercial Affairs Department

The Commercial Affairs Department (CAD) is the principal white-collar crime investigation agency in Singapore. The CAD investigates into a spectrum of commercial and financial crimes, and safeguards Singapore’s integrity as a world-class financial and commercial centre through vigilant and professional enforcement of the law. 

CAD investigators enforce the major legislation governing financial institutions, the securities and future market, directors, officers of companies, lawyers and accountants. The criminal offences CAD investigates into include corporate fraud, insider trading, market rigging, complex investment fraud, scams, money laundering and terrorism financing. Its specialists work closely with local and international law enforcement agencies to develop strategies, policies and benchmark to combat money laundering and terrorism financing. 

Singapore’s financial intelligence unit, the Suspicious Transaction Reporting Office (STRO), and the SPF’s Anti-Scam Command, are housed within the CAD. STRO is responsible for developing intelligence on emerging financial crime trends while the newly established Anti-Scam Command provides expertise in combatting scams through several scam-related strategies across the areas of investigation, intelligence, scam intervention, enforcement policy, and stakeholder engagement.

About the Institute of Singapore Chartered Accountants (ISCA)

The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore. ISCA’s vision is to be a world-class accountancy body of trusted professionals, contributing towards an innovative and sustainable economy. There are over 33,000 ISCA members making their stride in businesses across industries in Singapore and around the world.

Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession.

ISCA is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation.

ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries.

For more information, visit www.isca.org.sg.