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A recently released report from Singapore’s Ministry of Home Affairs indicates that the unlawful utilization of cryptocurrency in financing terrorism is increasing, although cash continues to be the primary method for transferring value.
The 2024 Singapore Terrorism Threat Assessment Report reveals a modest rise in the digital usage among terrorist organizations, including ISIS and its affiliates.
Singapore Observes Growing Illicit Crypto Use in Terror Financing
“Most groups affiliated with ISIS are financially self-sufficient, and some branches utilize social media platforms for fundraising,” the report stated. “Despite the rising adoption of cryptocurrencies, cash couriers and informal value transfer systems (hawala) remain the main methods for financial transactions by ISIS and its affiliates.”
“Funds have been directed to ISIS fighters and their families in Syrian detention facilities or camps through financial institutions, money service businesses, and cash couriers in neighboring countries,” it further claimed.
The assessment also pointed out that U.S. authorities reported in 2022 that ISIS was transferring more than $27,000 each month to individuals “at the Al-Hol detention camp through intermediaries in Turkey via the hawala system, as well as through cash transfer applications and cryptocurrency.”
Although Singapore has not prosecuted anyone for terrorism financing in the past year, the Southeast Asian nation has been on high alert since the October 7, 2023, Hamas attack on Israel, which resulted in nearly 1,200 civilian fatalities.
“As a global financial center and transport hub with a considerable migrant workforce, Singapore continues to be a potential source of funding for terrorists and terrorist organizations abroad,” the report noted.
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Senator Withdraws Support from Anti-Crypto Bill Co-sponsored by Elizabeth Warren
Singapore’s latest terrorism assessment coincides with heightened international political discussions regarding the role of digital assets in money laundering and terror financing.
Earlier on Friday, reports surfaced that U.S. Senator Roger Marshall (R-KS) retracted his support for the Digital Asset Anti-Money Laundering Act (DAAMLA), a bill he introduced with prominent anti-crypto Senator Elizabeth Warren (D-MA) in 2022, which aims to impose stricter regulations on the cryptocurrency sector as a whole.
HUGE NEWS!
After significant community pressure, Sen. @RogerMarshallMD has withdrawn his support for the Crypto Ban Bill S2669. This is a substantial victory for our community! It’s quite uncommon for a senator to retract their own bill.
We only have one more… https://t.co/eNuK1NEKkU
— Perianne (@PerianneDC) July 25, 2024
The Blockchain Association, a digital asset advocacy group, expressed apprehension regarding the bill earlier this year, asserting that it “risks our nation’s strategic advantage, threatens tens of thousands of U.S. jobs, and has minimal impact on the illicit actors it aims to target.”
The letter emphasized that while members of the crypto community support efforts to combat illicit activities within the blockchain sector, DAAMLA would “unintentionally obstruct law enforcement and national security initiatives by pushing the majority of the digital asset industry overseas.”
Warren is currently campaigning for re-election against pro-crypto advocate and trial attorney John Deaton.
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