Singapore’s 2024 terrorism threat assessment reveals that terrorist groups still mainly rely on cash transfers for funding, despite some increase in crypto usage.
Singapore’s internal investigation into nationwide terrorism threats has shown a significant reliance on cash transfers for fundraising, while the use of cryptocurrency among terrorist organizations remains low.
The Singapore terrorism threat assessment report for 2024, released on July 25, highlighted an elevated terrorism threat to the nation due to global instability. The report was issued by the Internal Security Department of the Ministry of Home Affairs.
Bypassing Regulations with Cash
The Singapore government noted an increase in the use of cryptocurrencies for raising funds by various Islamist terrorist groups. However, the Islamic State in Iraq and Syria (ISIS) continues to receive most of its funding through cash transfers.
“Although there is increasing use of cryptocurrencies, the predominant means for financial transactions by ISIS and its affiliates remain cash couriers and informal value transfer systems (hawala).”
Wire transfers through financial institutions, money service businesses, and cash couriers remain the top choice for terrorist organizations to raise capital. While Singapore reported no indication of an imminent attack, the primary threat driver continues to be online self-radicalization driven by supporters of the terrorist group Hamas.
Crypto Donations in Terror Financing
The report also noted that, in February, a Philippines-based pro-ISIS media group ran a fundraising campaign to support the “mujahideen (fighters)” and shared posters soliciting cryptocurrency donations.
The agency reminded citizens that funding terrorism is a crime. Since 2015, 13 individuals have been convicted for terror financing, including three Singaporeans and ten foreigners.
Summary Review: Despite the growing use of cryptocurrencies, cash remains the preferred method for terrorist financing. Singapore continues to monitor and combat these activities, emphasizing the importance of preventing terrorism funding in all forms.
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