SINGAPORE — Individuals found guilty of a terrorism financing offence now face a maximum fine of S$500,000, up from S$100,000, under amendments passed yesterday to strengthen Singapore’s laws against terrorism financing.

The amendments to the Terrorism (Suppression of Financing) Act (TSOFA) also further align Singapore’s laws to the inter-governmental body Financial Action Task Force’s (FATF) standards, Second Minister for Home Affairs S Iswaran said in Parliament yesterday. The FATF, of which Singapore is a member, sets standards for how countries should criminalise and act against terrorism financing, as well as cooperate to deny terrorists access to funds and other assets.

In addition, it is now an offence to disclose to another person information that is likely to prejudice the investigation of a terrorism financing offence, while the identity of informers will also be protected during legal proceedings.

The increase in the maximum fine under the TSOFA brings it in line with the penalty in place for money laundering under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA).

Allaying concerns raised by Members of Parliament on the effectiveness of the enforcement regime, Mr Iswaran said there is a “robust regime against terrorism financing and money laundering” in place. Law enforcement agencies work closely with foreign counterparts “to share best practices and exchange information to investigate and disrupt any terrorist plot or terrorist financing activity”.

The CDSA also requires any person to file a Suspicious Transaction Report (STR) “if he has reasonable grounds to suspect that any property is linked to criminal conduct and such suspicion arose in the course of employment or business”.

Nearly 18,000 STRs were filed last year, with over 2,000 filed by non-financial institutions, Mr Iswaran noted.

On the need for two different Acts for terrorism financing and money laundering, he said having two legal regimes allows “a more calibrated and targeted approach depending on the nature of the offence”.

Mr Iswaran said the TSOFA can be “pre-emptive” — it seeks to cut off the resources available to terrorists so as to prevent the commission of terrorist acts in the first instance.