What sectors pose the highest terrorism financing risk in Singapore?

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Money Remittances Identified as Highest Risk Sector for Terrorism Financing in Singapore

Money remittance services in Singapore are identified as the sector facing the highest risk of exploitation for terrorism financing (TF). Banks continue to be assessed as a medium-high risk sector for such activities, a risk level unchanged since the previous assessment in 2020.
Emerging Risks in Digital Platforms and Online Fundraising

New cross-border fast payment systems and online fundraising have emerged as significant areas of concern for terrorism financing. This is attributed to Singapore's high internet penetration, the widespread use of online banking, and the global expansion of the digital economy, particularly accelerated by the COVID-19 pandemic.
Elevated Risk for Digital Payment Token Service Providers

The risk associated with Digital Payment Token (DPT) service providers has been reassessed and elevated from medium-low to medium-high. This adjustment reflects the growing concern that virtual assets may be utilised by international terrorist groups, necessitating increased vigilance within the industry to counter this evolving threat.
Stable Risks in Cross-Border Movements and Non-Profit Organisations

Sectors such as cross-border cash movements, trade in precious stones, precious metals, and precious products, along with non-profit organisations, have maintained their status as medium-low risk sectors for terrorism financing within Singapore. These areas have not seen an increase in their assessed risk profile according to the latest assessment.

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What sectors pose the highest terrorism financing risk in Singapore?

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