WASHINGTON (AP) — The Justice Department says the former ABN Amro Bank N.V. has agreed to forfeit $500 million for facilitating the movement of illegal funds through the U.S. financial system.

The government charged in federal court Monday that the financial institution — now named the Royal Bank of Scotland N.V. — assisted countries and entities that were under economic sanctions in evading U.S. laws.

Court papers say the bank engaged in a conspiracy to defraud the United States.

The department says the bank will be under a deferred prosecution agreement. The government will recommend dismissal of the charge in one year if the bank cooperates.

In 2005, ABN Amro paid penalties in the case to various regulatory bodies and to the board of governors of the Federal Reserve System.