Singaporean wanted by FBI fined S$210,000 for falsifying invoices to hide North Korea trade

A SINGAPOREAN businessman wanted by the US Federal Bureau of Investigation (FBI) has been fined S$210,000 for falsifying papers to conceal his business links with North Korea.

Tan Wee Beng, 44, is the managing director and shareholder of Singapore-based commodity trading company Wee Tiong, which sold sugar and other goods to 2 individuals in North Korea.

Tan on Oct 11 pleaded guilty in Singapore district court to 7 counts of falsifying invoices to hide his business dealings. Another 13 similar charges were taken into consideration for his sentencing.

Police investigations revealed that between November 2016 and October 2017, Tan received queries from 2 banks about deposits made to Wee Tiong and its related company, Morgan Marcos, in relation to those sales.

Concerned that the banks would terminate their relationship with his companies if they found out that Wee Tiong had transacted with entities linked to North Korea, Tan faked invoices of both companies by changing buyers' names and destination ports to remove any links to North Korea. Tan then signed off on these invoices and submitted them to the banks.

The United Nations Act in Singapore prohibits any Singaporean or person in Singapore from supplying, selling or transferring any designated export or luxury item to people in North Korea. They are also prohibited from procuring any designated import item from anyone in North Korea. These regulations give effect to the sanctions imposed by the UN Security Council on North Korea.

From Nov 8, 2017, the prohibition also includes all commercially traded goods to or from North Korea.

Tan is on the FBI's most-wanted list and is charged with bank fraud, money laundering and conspiracy to defraud the US, among other allegations. A federal arrest warrant was issued for him in a US district court in the Southern District of New York on Aug 29, 2018.