Singapore Takes Zero-Tolerance Stance Against Terrorism and Finances
Combating Terrorism and Its Financial Roots
In a bid to combat terrorism and its financial roots, Singapore’s authorities are working closely with relevant stakeholders to ensure that all credible instances of terrorist financing (TF) are thoroughly investigated. The country’s National Counter-Terrorism Financing Strategy 2022 highlights the importance of collaboration between law enforcement agencies (LEAs), intelligence services, and financial institutions to detect and disrupt TF activities.
Zero-Tolerance Stance Against Terrorist Finances
The authorities have taken a zero-tolerance stance against any TF activity. They will not hesitate to take swift and effective actions against terrorists, terrorist entities, and their supporters, including financiers of terrorism. The Counter-Terrorism Financing Bureau (CFTB) works closely with the Internal Security Department (ISD) and the Suspicious Transaction Reporting Office (STRO) to ensure that all credible instances of TF are investigated thoroughly.
Collaboration and Public-Private Partnerships
The CFTB collaborates with the Attorney-General’s Chambers (AGC) to translate investigative efforts into successful prosecutions. Since 2016, AGC has prosecuted and convicted 13 individuals for TF-related offences, with lengthy imprisonment terms secured against them. To enhance operational efficiency and establish relevant networks, agencies leverage public-private partnerships such as the CFT Operational Group, which provides a platform for key stakeholders to share CFT-related trends and strengthen understanding of terrorism/TF risks within different sectors.
Future Plans
Looking ahead, CFTB, ISD, and STRO will continue to collaborate closely to detect and investigate TF activities promptly. Authorities will also seek heavy and proportionate sentences against convicted perpetrators and expand collaboration with the private sector to ensure better communication of risks and detection of TF activities.
International Cooperation
Singapore’s efforts in international cooperation for criminal matters can be broadly considered from two dimensions: providing assistance to other jurisdictions through formal and informal channels, and seeking assistance from other jurisdictions. The country is committed to rigorously implementing and contributing to the development of international standards on combating money laundering, terrorist financing, and proliferation financing set by the Financial Action Task Force (FATF) and relevant United Nations Security Council Resolutions (UNSCRs).
Key Takeaways
- Singapore’s authorities have taken a zero-tolerance stance against any TF activity.
- Collaboration between law enforcement agencies, intelligence services, and financial institutions is crucial in detecting and disrupting TF activities.
- Public-private partnerships will continue to play a crucial role in identifying, assessing, and mitigating key ML/TF risks facing Singapore.
- International cooperation is essential in combating money laundering, terrorist financing, and proliferation financing.