To address the terrorist threat, Singapore has released an updated Terrorist Financing National Risk Assessment (TF NRA) and Counter Terrorist Financing National Strategy (CFT).
The global terrorism landscape is evolving, and Singapore’s status as a global financial and business centre requires that its risk assessments and counter-terrorism strategies be regularly updated.
Singapore has adopted a comprehensive whole-of-government approach to identify, monitor and mitigate terrorist financing risks.
Security, intelligence, law enforcement, oversight and regulatory agencies work together to detect and respond to both existing and emerging threats.
The country is also working with the private sector and academic institutions to better understand these risks.
Primary threats include terrorist groups such as ISIS, Al-Qaeda and Jemaah Islamiyah, as well as individuals who have been influenced by these groups and become radicalised themselves.
The assessment also notes growing concerns about far-right extremism, but has not had a significant impact in Southeast Asia.
The report identifies several high-risk areas: Money transfers remain at high risk, with cross-border online payments identified as a potential new conduit for terrorist financing activities.
The bank is assessed as being at medium to high risk, especially with the emergence of new cross-border high-speed payment systems.
Meanwhile, the risk level for digital payment token service providers increased from medium-low to medium-high.
While non-profit organisations are still considered to be low to medium risk, overseas online crowdfunding has emerged as a category of concern.
Cross-border cash movements, as well as trade in precious stones, metals and manufactured goods, also remain at low to medium risk.
Comparison of TF risk assessments for 2020 and 2024
The revised NRA supports the objectives of the National Strategy on CFT, which aims to prevent, detect and disrupt terrorist financing activities.
The strategy includes coordinated risk identification, a strong legal framework, a robust regulatory regime, decisive enforcement action and international cooperation.
Singapore continues to work closely with industry stakeholders, international organisations and organisations such as the Financial Action Task Force (FATF) to implement effective measures against terrorist financing.
2024 Update National Risk Assessment for Terrorist Financing and National Strategy for Combating Terrorist Financing Available for download.
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