OFAC Singapore Trading Korea

On Oct. 25, Treasury OFAC designated Singapore trader to DPRK.

  • Singapore-based designated targets, laundered money in support of North Korea.
  • Two entities and one individual, to continue implementation of existing sanctions.

Basis for Designation

  • Tan Wee Beng, Wee Tiong Ltd, and WT Marine Pte Ltd for having engaged in AML.
  • For counterfeiting of goods or currency, bulk cash smuggling, narcotics trafficking.
  • Tan Wee Beng fulfilled millions of dollars in commodities contracts to North Korea.
  • Director and shareholder of Wee Tiong (S) Pte Ltd, Singapore-commodities trader.
  • Defendant and co-conspirators knew and took efforts to evade financial sanctions.
  • Obfuscated payment origins, structured transactions, to avoid regulatory scrutiny.
  • When one wire payment was rejected, orchestrated a hand payment in bulk cash.
  • Vessels operated and managed by WT Marine, engaged IN illicit economic activity.

DoJ Criminal Action

  • In related action, DoJ unsealed criminal charges for same person, Tan Wee Beng.
  • Conspired to use US financial system to conduct millions of dollars' transactions
    to finance the shipments of goods, to the Democratic People’s Republic of Korea.
  • Defrauded financial institutions by concealing the true nature of the transactions.