Singapore has published an updated Terrorism Financing (TF) National Risk Assessment (NRA) and a National Strategy for Countering the Financing of Terrorism (CFT) as part of its ongoing efforts to combat terrorism.
Terrorist actors may exploit Singapore’s economic openness as an international financial, business, and transport hub for TF purposes, necessitating constant vigilance. As the global terrorism landscape evolves, so too will Singapore’s TF risks, prompting this refreshed assessment and strategy.
Singapore employs a systematic and comprehensive whole-of-government approach to identify, monitor, and mitigate TF risks. Various agencies, including security, intelligence, law enforcement, supervisory, and regulatory bodies, continuously scan for TF risks based on cases in Singapore, international reports, and feedback from foreign counterparts. Collaboration with the private sector and academia also enhances understanding of TF risks.
Key TF threats to Singapore stem from terrorist groups such as ISIS, Al-Qaeda, and Jemaah Islamiyah, potential spillovers from the Israel-Hamas conflict and Middle Eastern tensions, and self-radicalised individuals sympathetic to terrorist causes, particularly ISIS. While far-right extremism hasn’t gained significant traction in Southeast Asia, its anti-Islam and anti-immigration rhetoric may resonate with some individuals.
The 2024 TF NRA details the latest TF threats and vulnerable sectors in Singapore, considering developments since the 2020 TF NRA, such as changes in the global terrorism landscape, the growth of the digital economy, and emerging TF risk typologies. Key TF risk areas in 2024 are similar to those identified in 2020:
a. Money remittances remain at High risk, with cross-border online payments as a potential new TF channel.
b. Banks are at Medium-High risk, with new cross-border fast payment systems as a potential new TF channel.
c. Digital Payment Token service providers’ risk has increased from Medium-Low to Medium-High.
d. Non-Profit Organisations remain at Medium-Low risk, with foreign online crowdfunding as an emerging TF concern.
e. Cross-border cash movements remain at Medium-Low risk.
f. Precious Stones, Precious Metals, and Precious Products remain at Medium-Low risk.
The 2024 TF NRA supports the refreshed objectives of the National Strategy for CFT, launched in 2022, which include:
a. Preventing the exploitation of Singapore’s openness for TF activities.
b. Detecting and tracing TF activities through robust monitoring, especially in high-risk sectors.
c. Disrupting terrorists and sympathisers seeking to fund terrorism activities locally and abroad.
To achieve these objectives, Singapore will implement a five-pronged National Strategy for CFT:
a. Coordinated and Comprehensive Risk Identification;
b. Strong Legal and Sanctions Frameworks;
c. Robust Regulatory Regimes;
d. Decisive Enforcement Actions;
e. International Partnerships and Cooperation.
Singapore will continue to work with industry players and collaborate closely with foreign counterparts, international organizations, and standard-setting bodies like the Financial Action Task Force (FATF).
The refreshed 2024 TF NRA and the 2024 National Strategy for CFT are available for download.
By FCCT Editorial Team
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