MOU to Meet Demand for Financial Forensic Experts

CAD and ISCA Agree to Increase Financial Forensic Experts

An MOU to meet the demand for financial forensic experts in Singapore was signed by the Commercial Affairs Department and Institute of Singapore Chartered Accountants (ISCA).

Between 2017 and 2021, authorities investigated a total of 18,700 cases of white-collar crime. These cases of white-collar crime, which involved cheating, fraud, forgery, and criminal breach of trust, amounted to a total of $4.49 billion. Additionally, since 2016, victims of scams in Singapore have collectively lost nearly $1 billion.

 

Meeting Demand for Financial Forensic Experts

The MOU to meet demand for financial forensic experts will widen the talent pool, lead to better investigation and detection of financial crime, and help the advancement of financial forensic development.

A department of the Singapore Police Force – the CAD – will be the main investigating agency for white-collar crime. ISCA will be the national accountancy body. Authorities will streamline investigation processes under the MOU.

Police officers will now be equipped with the skills they need to investigate financial crime through a customised programme. Officers will be provided with skills to manage fraud risk and analyse financial statements. It is essential that these skilled talents understand the most recent developments in financial forensics, especially in today’s tech-enabled landscape.

White-collar crime today has increased in complexity because of modern technology. Thus, it is vital to forge strong partnerships among the police, telecommunications companies, digital platforms, and banks. Collaborating with the CAD will help uphold Singapore’s standing as a global financial hub.

 

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