Singapore Released Updated National Counter-Terrorism Financing Strategy: Money Remittances Remain High Risk with Cross-Border Online Payments as New Channel, Banks at Medium-High Risk with Cross-Border Fast Payments as New Channel, Digital Payment Token Service Providers at Medium-High Risk, Non-Profit Organisations Remain at Medium-Low risk with Foreign Crowdfunding as New Channel, Cross-Border Cash Movements, Precious Stones, Precious Metals & Precious Products at Medium-Low Risk
3rd July 2024 | Hong Kong
Singapore has released the updated national counter-terrorism financing strategy, including risk assessment update – 1) Money remittances remain high risk with cross-border online payments as new channel, 2) Banks at medium-high risk with cross-border fast payments as new channel, 3) Digital payment token service providers at medium-high risk, 4) Non-profit organisations remain at medium-low risk with foreign crowdfunding as new channel, 5) Cross-border cash movements, precious stones, precious metals & precious products at medium-low risk. The update is released by Singapore Ministry of Home Affairs, Ministry of Finance & Monetary Authority of Singapore (1/7/24): Singapore published today its updated Terrorism Financing (TF) National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism (CFT) as part of its continuous efforts to deal with the threat of terrorism. Terrorist actors may exploit Singapore’s economic openness as an international financial, business, and transport hub for TF purposes. There is therefore a need for constant vigilance. Furthermore, as the global terrorism landscape evolves, Singapore’s TF risks will evolve too, hence this refreshed assessment and strategy. Singapore has developed and implemented a systematic and comprehensive whole-of-government approach to identify, monitor, and mitigate TF risks. The security, intelligence (including financial intelligence), law enforcement, supervisory, and regulatory agencies constantly scan for existing and emerging TF risks, informed by TF cases in Singapore, international reports, and feedback from foreign counterparts on observed TF risks with a Singapore nexus. We also actively engage and cooperate with the private sector and academia to enhance our understanding of TF risks. Singapore’s key TF threats emanate from: (i) terrorist groups such as the Islamic State of Iraq and Syria (ISIS), Al-Qaeda and Jemaah Islamiyah, as well as potential spillovers from the ongoing Israel-Hamas conflict and tensions in the Middle East; and (ii) self-radicalised individuals who are sympathetic towards the cause of terrorist groups, in particular ISIS. Far-right extremism is also a growing security concern in many countries. While it has not gained significant traction in Southeast Asia, we cannot rule out that its anti-Islam and anti-immigration rhetoric may resonate with some individuals. The updated 2024 TF NRA articulates the latest TF threats and vulnerable sectors in Singapore. It takes into account key developments since the last TF NRA in 2020, such as the evolving global and regional terrorism landscape, growth of the digital economy and financial services in Asia, and emerging TF risk typologies. Similar to 2020, the 2024 TF NRA has observed that the TF threat of raising and moving funds for terrorists and terrorism activities overseas remains pertinent in Singapore’s context. Self-radicalised individuals continue to pose the most salient TF threat to Singapore. Singapore will continue to partner industry players to implement strategies and measures to tackle TF threats. We will also closely collaborate with foreign counterparts, international organisations, and standard-setting bodies, such as the Financial Action Task Force (FATF). The refreshed 2024 TF NRA is available for download here. The refreshed 2024 National Strategy for CFT is available for download here.
“ Singapore Released Updated National Counter-Terrorism Financing Strategy: Money Remittances Remain High Risk with Cross-Border Online Payments as New Channel, Banks at Medium-High Risk with Cross-Border Fast Payments as New Channel, Digital Payment Token Service Providers at Medium-High Risk, Non-Profit Organisations Remain at Medium-Low risk with Foreign Crowdfunding as New Channel, Cross-Border Cash Movements, Precious Stones, Precious Metals & Precious Products at Medium-Low Risk “
The key Terrorism Financing (TF) risk areas in 2024 are largely similar to those identified in 2020:
- a. Money remittances remain at High risk, with cross-border online payments identified as a potential new channel for TF activities;
- b. Banks remain at Medium-High risk, with new cross-border fast payment systems identified as a potential new channel for TF activities;
- c. Digital Payment Token service providers have been elevated from Medium-Low to Medium-High risk;
- d. Non-Profit Organisations remain at Medium-Low risk, with foreign online crowdfunding identified as an emerging TF typology of concern;
- e. Cross border cash movements remain at Medium-Low risk; and
- f. Precious Stones, Precious Metals, and Precious Products remain at Medium-Low risk.
The 2024 TF NRA supports the refreshed objectives of our National Strategy for CFT, launched in 2022, namely:
- a. Prevent: proactively deter prospective terrorists, terrorist organisations, and sympathisers from exploiting Singapore’s openness for TF activities;
- b. Detect: promptly detect and trace TF activities through robust monitoring and tracking of red flag indicators, especially in high-risk sectors and emerging TF typologies of concern; and
- c. Disrupt: resolutely enforce against terrorists, terrorist organisations, and sympathisers seeking to raise, move and use funds for terrorism activities, both locally and abroad.
To achieve the above objectives, Singapore will implement the refreshed 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; and
- e. International Partnerships and Cooperation.
Singapore Released Updated National Counter-Terrorism Financing Strategy: Money Remittances Remain High Risk with Cross-Border Online Payments as New Channel, Banks at Medium-High Risk with Cross-Border Fast Payments as New Channel, Digital Payment Token Service Providers at Medium-High Risk, Non-Profit Organisations Remain at Medium-Low risk with Foreign Crowdfunding as New Channel, Cross-Border Cash Movements, Precious Stones, Precious Metals & Precious Products at Medium-Low Risk
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
