Singapore’s 2024 terrorism threat assessment reveals a continued reliance on cash transfers for funding by terrorist groups despite some increase in crypto usage.
Singapore’s internal investigation into nationwide terrorism threats has revealed a significant reliance on cash transfers for fundraising. In contrast, the adoption of cryptocurrency among terrorist organizations remains low.
The Singapore terrorism threat assessment report 2024, released July 25, highlighted an elevated terrorism threat to the nation owing to global instability. The report was issued by the Internal Security Department of the Ministry of Home Affairs.
The Singapore government noted an increase in the use of cryptocurrencies to raise funds for terrorist activities by various Islamist terrorist groups. However, the Islamic State in Iraq and Syria (ISIS) continues to receive most of its funding through cash transfers.
