US Treasury sanctions 2 Singapore firms for NKorea dealings

By On October 25, 2018

US Treasury sanctions 2 Singapore firms for NKorea dealings

October 26 at 1:26 AM

SINGAPORE â€" An executive of one of two Singapore companies named by the U.S. Treasury Department this week for violating sanctions against North Korea said Friday that he was unaware of any such dealings.

The Treasury Department said in a statement Thursday that the companies, commodities trading house Wee Tiong (S) Pte. Ltd. and ship management services company WT Marine Pte. Ltd., engaged in laundering money for North Korea.

Singapore officials had no immediate comment.

Wee Tiong and WT Marine Pte. share a director, address and have similar board members, official records show. Wee Tiong lists its activities as general wholesale trade. WT Marine describes itself as providing ship management services and operating barges, tugboats and freight “bumboats.”

The Treasury Department also blacklisted Singaporean Tan Wee Beng, the director of bot h companies. The Justice Department named him in criminal charges for “a multi-year scheme to violate and evade U.S. national security controls.”

Tan, his brother Tan Wee Tiong and father Tan Siong Kern are listed on the business profiles of both companies.

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Source: Google News Singapore | Netizen 24 Singapore

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