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Singaporean businessman Tan Wee Beng has been fined S$210,000 for falsifying invoices to conceal his business dealings with North Korea.

The 44-year-old is also on the Federal Bureau of Investigation's (FBI) most wanted list for allegedly laundering millions of dollars for North Korea.

Submitted falsified invoices to OCBC and UOB

Tan was convicted of seven counts of falsifying invoices made to two of his companies, Wee Tiong (S) Pte Ltd and its sister company, Morgan Marcos Pte Ltd. 13 similar charges were also taken into consideration.

These invoices represented payments to his companies from their sale of various goods to two persons from North Korea.

The Commercial Affairs Department found that between November 2016 and October 2017, Tan Wee Beng received queries from two banks about deposits made to his companies.

According to CNA, UOB and OCBC sent Tan these queries.

Tan was concerned that the banks would terminate their relationship with his companies if they found out that Wee Tiong (S) Pte Ltd had transacted with entities linked to North Korea.

Tan then decided to falsify the invoices of both companies.

To remove any links to North Korea, Tan changed the names of the end buyers, and in some cases, the destination ports on these invoices. He then signed the false invoices and submitted them to the banks.

Sold sugar, soya beans and rice to North Korea

Tan had been exporting commodities such as sugar, soya beans and rice to North Korea for about 10 years, but stopped after sanctions were placed on trade with North Korea in November 2017, reported The Straits Times (ST).

District Judge Eddy Tham said that Tan's transactions were "legitimate" as the dealings were made before the sanctions came into effect, according to CNA.

Wanted by the FBI

Tan was also placed on the FBI's most wanted list in 2018 for allegedly committing bank fraud, laundering money, and conspiracy to defraud the United States, among other accusations.

A federal arrest warrant for Tan was issued in August 2018 by the U.S. District Court, Southern District of New York after these charges were made against him.

In 2011, Tan was given the Ernst & Young Entrepreneur Of the Year Award. He had expressed shock over the news, and maintained that his companies were not a front for money laundering.

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Top photo via FBI and Unsplash