Report: Singapore’s money remittances at high risk of being misused for terrorism financing

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Singapore News

Terrorism,Terrorism Financing,Money Remittances

SINGAPORE, July 1 — Money remittances remain the highest risk sector of being exploited for Terrorism Financing (TF) in Singapore, according to a report published today. The...

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The National Risk Assessment 2024 report jointly issued by the republic’s Home Affairs Ministry , Finance Ministry , and Monetary Authority of Singapore said banks remained at medium-high risk for such activities since the last report issued in 2020. Meanwhile, the report said Singapore’s key TF threats stem from groups such as ISIS, al-Qaeda and JI; potential spillovers from the ongoing Israel-Hamas conflict and tensions in the Middle East; as well as radicalised individuals who are sympathetic towards the cause of these groups, particularly ISIS.

Terrorism Terrorism Financing Money Remittances

 

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