Singapore has released its updated Terrorism Financing National Risk Assessment (TF NRA) and National Strategy for Countering the Financing of Terrorism (CFT) to address terrorism threats.
The evolving global terrorism landscape necessitates regular updates to Singapore’s risk assessments and counter-terrorism strategies given its status as a global financial and business hub
Singapore employs a comprehensive, government-wide approach to identify, monitor, and mitigate terrorism financing risks.
Security, intelligence, law enforcement, supervisory, and regulatory agencies work together to detect and respond to both existing and emerging threats.
The country also collaborates with the private sector and academic institutions to enhance its understanding of these risks.
Key threats include terrorist groups such as ISIS, Al-Qaeda, and Jemaah Islamiyah, as well as self-radicalized individuals inspired by these groups.
The assessment also notes the rising concern of far-right extremism, although it has not significantly impacted Southeast Asia.
It identifies several high-risk areas. Remittances remain at high risk, with cross-border online payments identified as a potential new channel for terrorism financing activities.
Banks are assessed at medium-high risk, particularly with the advent of new cross-border fast payment systems.
Meanwhile, Digital Payment Token service providers have seen their risk level elevated from medium-low to medium-high.
Non-profit organizations are still considered medium-low risk, but foreign online crowdfunding has emerged as a concerning typology.
Cross-border cash movements, along with the trade of precious stones, metals, and products, also remain at medium-low risk.
The updated NRA supports the objectives of the National Strategy for CFT, which aims to prevent, detect, and disrupt terrorism financing activities.
This strategy involves coordinated risk identification, robust legal frameworks, strict regulatory regimes, decisive enforcement actions, and international cooperation.
Singapore continues to work closely with industry players, international counterparts, and organisations like the Financial Action Task Force (FATF) to implement effective measures against terrorism financing.
The updated 2024 Terrorism Financing National Risk Assessment and National Strategy for Countering the Financing of Terrorism are available for download.
Featured image credit: Edited from Freepik
