The Monetary Authority of Singapore (MAS) has published its Terrorism Financing National Risk Assessment (TF NRA) for the year 2020. This TF NRA, which includes insights from several authorities as well as the private sector and academia, attempts to improve the understanding of Singapore’s major TF risks by law enforcement agencies, regulators and the private sector. An improved understanding will help prevent and mitigate such risks.
The TF NRA reveals that Singapore is still faced with TF threats from regional and international terrorist groups. Moreover, money remittance services and banks are more vulnerable to TF threats as their services can be accessed much more easily than many other sectors. The situation is exacerbated since Singapore is a financial and transport hub geographically close to countries prone to terrorism activities.
The report also assures that Singapore’s law enforcement agencies are thoroughly capable of addressing TF cases. The country’s authorities have also been collaborating with some private sector entities to improve their risk awareness and mitigation measures. Overall, MAS encourages private sector entities to also pursue a risk-based approach to countering TF.
Source: Monetary Authority of Singapore