Singapore Takes Tough Stance Against Terrorism, Intensifies Collaboration with Stakeholders

The Government of Singapore has reiterated its zero-tolerance stance against terrorism and terrorist financing (TF), vowing to take swift and decisive action against those who support or undertake such activities.

Combating Money Laundering and Terrorist Financing

The Central Bank of Singapore (CBS) in its National CFT Strategy 2022 outlines the country’s efforts to combat money laundering, TF, and proliferation financing (PF). The strategy highlights the importance of close collaboration between law enforcement agencies (LEAs), financial institutions, and other stakeholders to detect and disrupt TF activities.

Legal Framework and Prosecutions

Singapore has a robust legal framework in place to criminalize TF offences under the Terrorism (Suppression of Financing) Act. Since 2016, the Attorney-General’s Chambers has prosecuted and convicted 13 individuals for TF-related crimes, with lengthy imprisonment terms sought and successfully obtained against them.

Public-Private Partnerships and Collaboration

The country also leverages public-private partnerships, such as the CFT Operational Group, to enhance operational efficiency and establish relevant networks. This workgroup provides a platform for key stakeholders to share CFT-related trends and strengthen their understanding of terrorism/TF risks within different sectors.

Future Plans

Looking ahead, the CBS, Internal Security Department (ISD), and Straits Times Research Office (STRO) will continue to collaborate closely to ensure all instances of TF are promptly detected and investigated. The authorities will also seek heavy and proportionate sentences against convicted perpetrators that commensurate with the severity of the offences to serve as an effective deterrence against would-be perpetrators.

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
• Seeking assistance from other jurisdictions

Singapore is also committed to rigorously implementing and contributing to the development of international standards on combating ML/TF/PF set by the Financial Action Task Force (FATF) and relevant United Nations Security Council Resolutions.

Quote

“In a statement, a CBS spokesperson said: ‘Singapore takes a serious view of anyone who supports, promotes, or makes preparations to undertake or undertakes armed violence, regardless of how they rationalise such violence or where it takes place. We will continue to strengthen our cooperation with domestic competent authorities and stakeholders in the private sector to address emerging TF threats.’”

Conclusion

The National CFT Strategy 2022 is a testament to Singapore’s commitment to combating terrorism and protecting its financial system from illicit activities. The country’s robust legal framework, close collaboration with stakeholders, and international cooperation efforts will help to ensure that it remains a safe and secure hub for financial transactions.