The NRA articulates the latest TF threats and vulnerable sectors in Singapore. It was first conducted in 2020 and the latest assessment 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’s key TF threats emanate from:
- 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
- Self-radicalised individuals who are sympathetic towards the cause of terrorist groups, in particular ISIS.
The key risks are:
- Money remittances (or payment service providers carrying out cross-border money transfer services) and banks remain inherently vulnerable to TF threats, given the relative ease which their services may be assessed, including for cross-border payments;
- Digital Payment Token service providers have been elevated from Medium-Low to Medium-High risk; and
- Non-Profit Organisations, cross-border cash movements, and precious stones, precious metals and precious products remain at Medium-Low risk.
For the full details, please refer to the MAS website https://www.mas.gov.sg/publications/monographs-or-information-paper/2024/terrorism-financing-national-risk-assessment-2024
Disclaimer: The information, views or opinions expressed are provided for general information and should not be relied upon as legal or professional advice.