Proliferation Financing (PF) National Risk Assessment and Counter-PF Strategy

To update and deepen Singapore’s PF risk understanding, Singapore carried out a PF national risk assessment (NRA), building on our existing PF risk understanding and tapping on relevant Singapore authorities and private sector experts for a comprehensive assessment.  The PF NRA identifies the key PF threats Singapore is exposed to, as well as higher-PF risk sectors.  It also sets out the key PF risk mitigation measures that have been undertaken by both Singapore authorities and the private sector.

The full report is available for download here.

About the Report

Singapore’s status as an international financial centre and key trading and transhipment hub makes us susceptible to the risks of proliferation of weapons of mass destruction and PF.  Singapore is exposed to the key PF threats of misuse of legal persons, ship-to-ship transfers, movement of dual-use goods, export of luxury goods and misuse of virtual assets.  We have also assessed that these sectors are exposed to higher PF risks:

• For the financial sectors – banks, digital payment token service providers, remittance agents and maritime insurers;

• For the non-financial sectors – corporate service providers, precious stones and precious metals dealers, and lawyers.

To better position ourselves to manage Singapore’s key PF threats and higher-PF risk sectors, Singapore has developed a counter-PF strategy.  All financial and non-financial sectors (including those sectors not identified as being exposed to higher PF risks) are reminded to remain alert to PF risks, and to factor in the findings from this PF NRA as they review and enhance their counter-PF controls, including those in relation to the relevant targeted financial sanctions.  Singapore will continue to monitor the evolving PF risk environment and update our PF NRA periodically.