Importance of partnership in countering the financing of terrorism.

Abstract

Despite stringent security and financial measures, terrorist and its financiers continue to raise and move funds through formal financial system, indoctrinate and recruit new operatives. The emerging threat of “home-grown” terrorism has added new dimensions to the mounting challenge in Countering the Financing of Terrorism (CFT). More proactive and effective counter measures are urgently needed to boost better awareness and capability. The recent establishment of CFT Consortium in Singapore signifies the much-required Public Private sector Partnership in this battle. For such, Singapore, a major global financial hub, is taking the lead in this proactive initiative.