The entities are Wee Tiong (S) Pte Ltd. and WT Marine Pte Ltd., which are owned and operated by Singaporean national Tan Wee Beng.
According to OFAC, Tan and at least one other individual in his company starting in 2011 began carrying out “millions of dollars” in commodities contracts for North Korea. Tan attempted to hide his transactions, and when a wire payment was rejected, he organized a payment in bulk cash, hand delivered to North Korea. It’s also alleged that he has engaged in illegal narcotics trafficking with North Korea.
In related action, the U.S. Department of Justice on Thursday unsealed criminal charges in a six-count indictment against Tan.
“Tan Wee Beng and his co-conspirators made deliberate efforts to launder money through the U.S. financial system on behalf of North Korea,” Treasury Secretary Steven Mnuchin said in a statement. “Governments, financial institutions and other companies worldwide need to be on high alert to these types of schemes. The U.S. government will not overlook these deceptive practices. We are deeply committed to the final, fully verified denuclearization of North Korea, and Treasury will continue to enforce and implement sanctions until that time.”
OFAC also added Tan’s two Singapore-flagged cargo vessels, JW Jewel and Nymex Star, to the specially designated nationals list for their role in his North Korean smuggling scheme.
OFAC said its actions against Tan and his companies “makes clear that the United States will not hesitate to impose sanctions on any individual, entity or vessel supporting North Korea’s illicit activities, regardless of nationality.”
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now