On 7 October, the Monetray Authority of Singapore published the results of a Terrorism Financing (TF) National Risk Assessment (NRA) undertaken in 2020. This found that certain sectors, notably money remittance (or payment service providers carrying out cross-border money transfer service) and banks, are more inherently vulnerable to the threats, given the relative ease in which their services may be accessed, coupled with Singapore’s status as a financial and transport hub and proximity to countries exposed to terrorism activities. MAS also issued a National Strategy for Countering the Financing of Terrorism (CFT) that outlines Singapore’s national approach to address the risks and serves as the roadmap to guide the development of future action plans to effectively prevent, detect, investigate, and enforce against terrorism financing. Singapore has adopted a 5-point strategy which comprises:
- Coordinated and Comprehensive Risk Identification;
- Strong Legal and Sanctions Frameworks;
- Robust Regulatory Regime and Risk Targeted Supervisory Framework;
- Decisive Law Enforcement Actions; and
- International Partnerships and Cooperation.
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