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:

  1. Coordinated and Comprehensive Risk Identification;
  2. Strong Legal and Sanctions Frameworks;
  3. Robust Regulatory Regime and Risk Targeted Supervisory Framework;
  4. Decisive Law Enforcement Actions; and
  5. International Partnerships and Cooperation.

Any modest contributions for my time and ongoing expenses are welcomed! 

At Buy me a Coffee single contributions start as low as $3, at

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: