KEY Challenges
In its assessment, Singapore has identified its vital terrorism financing threats: From criminal groups such as ISIS,  , Al- Qaeda and Jemaah Islamiyah, while also as , possible spillovers from the ongoing Israel- Hamas war and tensions in the Middle East. Self- radicalised individuals who are friendly towards the cause of extremist groups, in particular , ISIS, are likewise a risk.
” Considerably- right extremism is also a growing protection issue in many countries”, the authorities observed.
We don’t rule out that some people might find its anti-Islam and anti-immigration speech offensive, despite the fact that it has not gained a lot of support in Southeast Asia.
The government claimed that the updated Terrorism Financing National Risk Assessment has taken into account significant advances since its most recent release in 2020. These include the emergence of new terrorism funding risk typologies, the expansion of the modern economy and financial services in Asia, and other factors.
As in the previous version, the 2024 chance analysis observed that , raising and moving money for terrorists and violence activities abroad remains relevant in Singapore’s environment.
Self-radicalized people continue to pose Singapore with the biggest threat to violence financing, according to the authorities.
The top five terrorism-related risk areas identified four years ago are generally comparable to those identified in 2024:
- Cross-border online payments are identified as a possible new route for violence funding activities, and money remittances are categorized as high risk.
- With the introduction of new cross-border quick payment systems as a potential new source of terrorism financing activities, banks are at a medium-high risk.
- Digital repayment key service providers have been elevated from being at least moderately risk to being at least moderately risky.
- Non-profit organizations are still at moderate to low threat, with international online fundraising identified as a growing extremism financing typology of concern.
- Cross-border money actions are still moderately risky.
- Valuable stones, precious metals, and valuable products even stay at medium- lower risk.
The latest report supports the priorities of the , National Strategy for Countering the Borrowing of Terrorism, launched in 2022, which , comprises deeds to prevent, detect, check and maintain aspects of violence financing.
According to the government, Singapore will continue to work with market people to develop strategies and measures to combat threats posed by terrorism financing.
They will also get near partnership with , foreign counterparts, global organisations, and regular- setting bodies such as the FATF.