G. Kennedy Thompson of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine. Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008, as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the
Bank Al-Maghrib of the National Council of Credit and the Committee of Credit Establishments, reinforced Bank Al-Maghrib's autonomy in banking supervision, and instituted a number of other measures covering the protection of clients of credit institutions and the treatment of credit institutions in distress. Bank Al-Maghrib The Bank Al-Maghrib is the central bank of the Kingdom of Morocco. It was founded in 1959 as the successor to the "Banque d'Etat du Maroc" (est. 1906). In 2008 Bank Al-Maghrib held reserves of foreign currency with an estimated worth of US$36 billion. In addition to currency management, the Bank Al-Maghrib also supervises a number