Monographs/Information Papers
Published Date: 01 July 2024

Terrorism Financing National Risk Assessment

The updated 2024 Terrorism Financing (TF) National Risk Assessment (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.

The key TF risk areas in 2024 are largely similar to those identified in 2020:

a. 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;
b. Digital Payment Token service providers have been elevated from Medium-Low to Medium-High risk; and
c. Non-Profit Organisations, cross-border cash movements, and 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.