Singapore Tightens Grip on Combating Financing of Terrorism

Combating the Growing Threat of Terrorism Financing

In a bid to combat the growing threat of terrorism financing, Singapore has issued a range of guidelines and advisories for financial institutions and moneylenders. The Monetary Authority of Singapore (MAS) has published lists of designated persons on its website, aimed at identifying individuals and entities suspected of links to terrorist activities.

FATF’s Global Standards

The Financial Action Task Force (FATF), an international organization that sets global standards for combating money laundering and terrorist financing, has also issued public statements highlighting high-risk and non-cooperative jurisdictions. Singapore, which is a member of the FATF, has implemented stringent measures to prevent money laundering and terrorist financing.

Guidelines for Moneylenders

Moneylenders in Singapore are required to adhere to strict guidelines outlined in an information guide published by the MAS. The guide provides comprehensive guidance on how to:

• Identify suspicious transactions
• Report them to the relevant authorities

National Risk Assessment Reports

The country’s National Risk Assessment Report 2024 highlights the importance of monitoring and reporting suspicious transactions, while the Terrorism Financing National Risk Assessment (TF NRA) 2020 provides a detailed analysis of the risks posed by terrorist financing in Singapore.

Government Commitment

Financial institutions and moneylenders are urged to take note of these guidelines and advisories, which aim to ensure that Singapore remains a safe and secure financial hub. The government is committed to working closely with international partners to combat the evolving threat of terrorism financing and protect its citizens from this menace.