money laundering

Why did the Fed help North Korea launder money?

Ron Paul: All we have to say is, what do they have to hide?

When Ron Paul's bill to audit the Federal Reserve was blocked through a parliamentary procedure, some people had to ask - what is so wrong with auditing the Federal Reserve?
The question reminded me of something. So I dug through my old writing and found this little gem that has never been fully explained to me.

(Bloomberg) -- Last week the New York Federal Reserve made what may go down as the most misguided move in the history of the Federal Reserve system. They laundered money for North Korea.
Here is the back story.