An award-winning Singaporean businessman by the name of Tan Wee Beng has been placed on the FBI's most wanted list for allegedly laundering millions of dollars on behalf of North Korea.

Tan is currently director and heir to family business, Wee Tiong Holdings, which is a commodities trading firm.

As a result of his activities, Tan and two of his firms -- Wee Tiong (S) Pte Ltd. and WT Marine Pte Ltd -- have since been sanctioned by the US Treasury.

The US Treasury charges that Tan has been laundering money for North Korea since 2011, the same year Tan clinched the Ernst & Young Entrepreneur Of the Year Award 2011.

What are the two companies sanctioned?

According to its Linkedin profile, Wee Tiong (S) is an:

"...established regional rice, wheat flour and sugar importer and wholesaler. Its rice supply is mainly from Thailand and Vietnam, and they have successfully built up household brands such as Golden Royal Jewel in Singapore, where their products can be found in most major supermarkets and provision shops."

While WT Marine Pte Ltd is the Fleet Operations Centre of Wee Tiong Holdings, according to the latter firm's website, where it oversees Wee Tiong Holding's fleet of 17 ships.

Two of the ships in the fleet -- the Nymex Star and JW Jewel -- have also been placed under sanction for engaging in "illicit economic activity that involves or supports the Government of North Korea", according to the US Treasury.

What was the scope of his laundering?

According to FBI Assistant Director William F. Sweeney Jr, Tan:

"...conducted illicit transactions totalling millions of dollars in support of North Korean entities in blatant violation of a host of economic sanctions the United States has established against North Korea and North Korean entities."

The US Attorney's Office further alleges that Tan had used front companies in in Singapore, Thailand, Hong Kong, and elsewhere to conduct such activities.

The US Treasury also notes that Tan and at least one other individual in his company fulfilled millions of dollars in commodities contracts for North Korea. 

In one instance, Tan and Wee Tiong (S) Pte Ltd were noted to have orchestrated payment in bulk cash, hand-delivered to a North Korean, when a wire payment failed.

Who is Tan?

As reported by The Straits Times in 2015, Tan had originally been recruited by his father, Tan Siong Kern, after his graduation into the family business of Wee Tiong Holdings.

Initially, Tan worked with his father in central commodity trading roles for the first year, prior to him being deemed fit for managing core business areas.

Subsequently, Tan took charge of the company, resulting in around 131 percent increase in annual revenue for the company in a decade to more than S$460 million Singapore dollars.

The South China Morning Post has also reported Tan as a lover of fast cars, such as Ferrari and McLaren.

Tan speaks up

In the meantime, Tan has spoken to the BBC, stating that he had only learnt of the criminal charges against him via news reports and that:

"Nobody has contacted me. The FBI has not called me, the Singapore police have not called me."

Adding that the news was a shock to him, Tan rejected the allegations of money laundering, stating:

"We are an international trading company, and not a front [for laundering]."

Tan has since instructed lawyers to defend him.

Although the US and Singapore have an extradition treaty, it only covers specific offences and does not include money laundering.

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Top image screenshot from FBI

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