World News
FBI Accuses Singapore Bunker Player of Money Laundering
Singapore bunker player Wee Tiong (S) Pte Ltd and its related WT Marine Pte Ltd entity have been hit by US sanctions for allegedly helping to launder North Korean money.
Tan Wee Beng, the director and major shareholder of the commodities trading company, has been placed on the FBI’s wanted list but denies any wrongdoing.
"Nobody has contacted me. The FBI has not called me, the Singapore police have not called me," he told the BBC.
The FBI alleges that Tan fulfilled millions of dollars in commodities contracts for North Korea and “made a concerted effort to launder money through the United States and Singaporean financial systems by concealing payment origins and structuring transactions to avoid regulator scrutiny.”
Having been initially involved in trading sugar and rice, Wee Tiong moved into the marine fuels business in 2016, acquiring 11 bunkering vessels from former Singapore supplier Searights later that year.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 628.00 | 1.00 | 736.50 | 0.50 |
| Rotterdam | 569.00 | 10.00 | 730.50 | 23.00 |
| Houston | 591.00 | 3.50 | 770.50 | 6.00 |
| Fujairah | 626.50 | 4.50 | 886.50 | 5.00 |
| Global 20 Ports Average | 644.00 | 2.00 | 825.50 | 0.00 |
| Global 4 Ports Average | 603.50 | 0.50 | 781.00 | 3.00 |
| Global Average Bunker Price | 700.00 | 0.00 | 883.50 | 0.50 |
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