National Strategy for Countering the Financing of Terrorism

Terrorism Financing National Risk Assessment 2020

In 2020, Singapore conducted a Terrorism Financing (TF) National Risk Assessment (NRA). The TF NRA was the culmination of experience and observations from all relevant competent authorities over the past few years, and included inputs from the private sector and academia. It sought to deepen the understanding by law enforcement agencies, supervisors/regulators and the private sector of Singapore’s key TF threats and vulnerabilities, so that appropriate prevention and mitigation measures may be taken.

View Documents:

• TF NRA 2020

• Annex to TF NRA 2020

• Infographic

The TF NRA has found that:

• Singapore continues to be exposed to TF threats posed by terrorist groups both regionally and internationally, in particular the propensity for individuals^[1] in Singapore to be radicalised and influenced to carry out TF activities.

• Certain sectors, notably money remittance (or payment service providers carrying out cross-border money transfer service) and banks, are more inherently vulnerable to TF 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.

Competent authorities in Singapore are cognisant of our TF threats and take a whole-of-government approach to combatting them. Our law enforcement agencies have robust capabilities to counter TF, as evidenced by the TF convictions in recent years. Supervisors and relevant authorities have been engaging relevant private sector entities on their TF risks, and this has improved their risk awareness and understanding, and allowed them to strengthen their measures to mitigate TF risks. Private sector entities should continue incorporating the TF NRA findings in their risk-based approach to countering TF. 

Taking into account the findings of the TF NRA 2020, Singapore has formulated a comprehensive National Strategy for Countering the Financing of Terrorism.

^[1]Local residents and foreign workers.

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National Strategy for Countering the Financing of Terrorism (CFT)

Taking into account the findings of the Terrorism Financing (TF) NRA 2020, Singapore formulated our National Strategy for Countering the Financing of Terrorism (CFT). The National CFT Strategy forms the blueprint that outlines Singapore’s national approach to address our TF risks and serves as the roadmap to guide the development of future action plans to effectively prevent, detect, investigate, and enforce against TF. It also enhances the coordination of actions across law enforcement agencies, policy makers, regulators and supervisors, and as appropriate, the private sector, in Singapore.

View Document:

• National Strategy for Countering the Financing of Terrorism

Singapore has adopted a five-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. 

As necessary, the relevant law enforcement, policy and supervisory agencies have adopted action plans as guided by the National CFT Strategy.