FBI Wants Singaporean Businessman for Money Laundering for North Korea
Tan Wee Beng set up front companies and transferred millions of dollars worth of money to sanctioned North Korean banks.
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Singaporean businessman Tan Wee Beng. Photo:FBI. |
A US jury on October 25 accused Tan Wee Beng, 41, once known as Singapore's top startup entrepreneur, of laundering millions of dollars for North Korea.AFPreport
According to prosecutors, Tan conspired with other unnamed partners to transfer money to North Korean banks through the global banking system from 2011 to 2018, violating international sanctions imposed on Pyongyang.
Online information describes Tan as a young, award-winning director who is often seen driving luxury supercars.
The US Treasury Department has also sanctioned Tan and two companies he runs, Wee Tiong Pte and WT Marine Pte. Both companies are accused of doing business with North Korea.
Tan "conducted millions of dollars worth of illegal transactions to support North Korean entities, in violation of US economic sanctions against North Korea and entities in North Korea," said FBI Deputy Director William Sweeney.
According to the indictment, in addition to transferring money to North Korean banks, one of Tan’s companies also handled millions of dollars in cargo contracts for Pyongyang. Ships belonging to Tan’s shipping company WT Marine were also involved in sanctions violations related to North Korea. The FBI has placed Tan on its “most wanted” list and his current whereabouts are unknown.
According to a 2015 article in Singapore's Straits Times, Tan is a promising entrepreneur, heir to a trading company with annual revenues of hundreds of millions of dollars. Ernst and Young named Tan "Entrepreneur of the Year" in 2011.
