The Singaporean Parliament on August 12 passed an amendment to the Terrorism (Suppression of Financing) Bill, which increases the penalties for terrorism financing offences.

The maximum fine is raised to 500,000 SGD for individuals, and to 1 million SGD for entities.

According to the law in force, fine for individual does not exceed 100,000 SGD or a below-five-year prison sentence, or both.

The Bill also introduces a new section which will make it an offence to disclose information likely to prejudice an investigation of a terrorism financing offence under the Act.

Singaporean Second Minister for Home Affairs S.Iswaran said the proposed amendments will boost Singapore ’s fight against terrorism.

Terrorism is an international threat supported by a global network of terrorism financing operations, he said.
The fight against terrors requires close international coordination and support from international bodies such as the Financial Action Task Force (FATF), he noted.

The Minister stressed that the proposed legislative amendments will enhance the government's effectiveness in countering terrorism financing.-VNA