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.