Fed ends sanctions against Bank of New York

USA - The Federal Reserve has announced it is terminating its sanction against the Bank of New York because the bank has complied with its agreement to correct alleged deficiencies in preventing money laundering.

The central bank took the enforcement action in February 2000 against the bank after revelations that it had served as a conduit for $7 billion in Russian money - some of it believed to be from criminal activities.

Click the link on the right to see the Fed's press release about this.