Terrorism (Suppression of Financing) Act

    Singapore

    Terrorism (Suppression of Financing) Act

    The Terrorism (Suppression of Financing) Act 2002 (‘the Act’) regulates the suppression of terrorist financing and gives effect to the International Convention for the Suppression of the Financing of Terrorism. In particular, the Act regulates, among other things, terrorist property, disclosure obligations, as well as the seizure, freezing and confiscation of terrorist property.

    Last Updated: July 30, 2019


  • Requirements

    Terrorist Property 

    The Act establishes the prohibition against the provision of property and services for terrorist purposes, and outlines that individuals who, directly or indirectly, collect property, provide or invite a person to provide, or make available property or financial or other related services will be guilty of an offence under the Act (Section 4 of the Act). Furthermore, the Act further provides for the prohibition of dealing with terrorist property or facilitating or entering into any financial transaction relating to such property with any individual in Singapore or a Singaporean citizen outside Singapore (Section 6 of the Act).  

    If an individual is found to be liable for an offence under Sections 3-6 of the Act, the penalty to be imposed is (Section 6A of the Act): 

    • in the case of an individual, to a fine not exceeding $500,000 or to imprisonment for a term not exceeding ten years or to both; or 
    • in any other case, to a fine not exceeding $1 million or to twice the value of the property (including funds derived or generated from the property), financial services or other related services, or financial transaction (as the case may be) in respect of which the offence was committed. 

    Disclosure  

    Individuals in Singapore or a Singaporean citizen outside Singapore who have information or are in possession, custody or control of any property belonging to any terrorist or terrorist entity are required to inform the Commissioner of Police of the Singapore Police Force (Section 8(1) of the Act), and not doing so constitutes an offence and contravention of the Act and is subject to a penalty (Section 8(3) of the Act). In particular, individuals found to be guilty of such an offence are liable on conviction (Section 8(3) of the Act): 

    • if the person is an individual, and the terrorist property came into the person’s possession, custody or control, or the information or particulars thereof came to the person’s attention, in the course of the person’s trade, profession, business or employment — to a fine not exceeding $250,000 or to imprisonment for a term not exceeding five years or to both; 
    • if the person is an individual, but the property or information thereof did not come into the their possession, custody or controin the course of the their trade, profession, business or employment — to a fine not exceeding $50,000 or to imprisonment for a term not exceeding five years or to both; or 
    • if the person is not an individual, to a fine not exceeding $1 million, or twice the value of the property. 

    Furthermore, the Minister may require any person or class of persons to determine, on a continuing basis, whether they are in possession or control of property owned or controlled by or on behalf of any terrorist or terrorist entity (Section 9(1) of the Act), and any contravention will result in a fine not exceeding $50,000 or to imprisonment for a term not exceeding five years, or to both (Section 9(4) of the Act). 

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