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A report released by Singapore has highlighted the use of crypto in terrorist financing. The report noted that crypto use in terrorist financing is increasing but is still very small.
“As a global financial and transportation hub, Singapore, with a large expatriate workforce, continues to be a potential source of funding for terrorists and terrorist organizations abroad,” the report said.
A terror threat assessment conducted in Singapore noted the increasing use of crypto in terrorist financing, but cash and other methods remain dominant. The report also noted that the threat level has risen amid the re-escalation of the Israeli-Palestinian conflict.
The Singapore government noted the increasing use of crypto in terrorist financing, but noted that cash and other informal value transfer systems are still the dominant methods of financial transactions.
A report by the Singapore Ministry of Home Affairs assessed the threat level posed by terrorists to Singapore, stating that while there were no signs of an imminent attack, the threat to the city-state was “very real” and “high.” The report noted that ISIS was sending cryptocurrencies to individuals in the Al-Hol detention camp in northern Syria on a monthly basis. It also noted that pro-ISIS groups in Southeast Asia were sharing posters soliciting cryptocurrency donations.
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“As a global financial and transportation hub, Singapore, with a large expatriate workforce, remains a potential source of funding for terrorists and terrorist organizations abroad,” it said. “Our strongest defense is our collective vigilance.” The report also noted that the threat level has risen amid a renewed escalation of the Israeli-Palestinian conflict.
In the months following the Hamas attack on Israel on October 7, 2023, a Wall Street Journal report alleged that Palestinian groups were receiving significant amounts of funding in crypto. However, blockchain analytics firms Chainalysis and blockchain security firm Elliptic denied the report, suggesting that such claims are likely exaggerated.
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