The agreement announced Tuesday by the New York attorney general, Eliot Spitzer, concluding an investigation of the World Jewish Congress is providing both the congress and its critics an opportunity to claim victory.

The investigation found no evidence of criminal behavior, though it concluded that the group’s finances “lacked any oversight … by its governing bodies.” In the 34-page agreement, Mr. Spitzer’s office barred Rabbi Israel Singer, who resigned as the chairman of the World Jewish Congress’s governing board two weeks ago, from taking any role in the organization’s finances, and it required him to repay what it termed “inappropriate disbursements.” The congress agreed to make permanent organizational changes it instituted during the course the investigation.

The source of many of the complaints against the congress, its former vice president, Isi Leibler, said, “The attorney general’s detailed breakdown of financial mismanagement and misappropriation can only be described as devastating.”

“The removal of Israel Singer as chairman of the WJC Governing Board is a resounding victory for a Jewish community demanding good governance and accountability in the conduct of its affairs,” he added.

The World Jewish Congress, on the other hand, took the agreement largely as a vindication.

“For 14 months, we worked tirelessly with the attorney general’s office, providing unfettered access to our entire worldwide organization. Our transparency and cooperation revealed that we have nothing to hide,” the congress’s president, Edgar Bronfman, said on Tuesday in a statement. He added that – with the governance reforms nearly completed and the help of his “top two lieutenants,” Stephen Herbits and Israel Singer – “the World Jewish Congress is stronger than ever.”

The congress on January 19 announced that Rabbi Singer would chair its newly-formed policy council, a position of leadership in which he will have no hand in the organization’s finances.

“I sincerely regret that at times my almost exclusive focus on execution of our mission diverted my attention from important administrative activities,” Rabbi Singer said in a statement on Tuesday. “I look forward to continuing our vital diplomatic mission of safeguarding Jewish communities around the world.”

The attorney general’s investigation had centered on Rabbi Singer’s transfer of $1.2 million into a bank in Switzerland and later London. The investigation found that Mr. Singer’s handling of the money “violated his fiduciary duties as a trustee of the charitable assets and reflected significant weaknesses in the financial administration and internal controls at WJC.” However, it concluded that Rabbi Singer’s explanation that the funds were meant to be used for his pension fund was legitimate.

Some have criticized the attorney general’s press release about the agreement, which begins “World Jewish Congress adopts governance reforms,” and refers to $300,000 in inappropriate disbursements the state requires Mr. Singer to return.

Many of these reforms were begun in early 2004, according to the agreement.

A spokesman for the attorney general’s office, Darren Dopp, said it was “not uncommon” for organizations to enact reforms long before the conclusion of an investigation. “It just shows that they were trying to do the right thing.”

He explained that the $300,000 mentioned included $132,000 of accrued vacation or unused sick time. “In the absence of any documentation such as an employment manual or other written policy, or time and attendance records,” the investigation concluded that the money was “not reasonable compensation.”

In addition, the total includes $88,875 in insurance for his family members and payments on the lease of his car, $28,380 in charges for personal expenses charged to his company credit card, and $97,238 in loans and interest, all of which Mr. Singer has repaid. The agreement gives him 90 days to repay the remainder.

Asked if the investigation’s findings were worth the months of work and millions of dollars put into it, Mr. Dopp said, “Whenever a concern is raised about a nonprofit in New York, we are responsible for investigating it. Given the media attention and the high profile of the organization involved, we wanted to provide a full and complete account.”

Regarding the investigation’s length, he said,”12 to 18 months is not an inordinate amount of time,” especially given the chaotic state of the organization’s records, many of which were lacking.

“Ultimately, we’re not going to settle until we assure ourselves that all the money was accounted for,” he said.