Live blog on the announcement that Al-Qaeda leader Osama bin Laden was killed on Sunday and that his body has been recovered. Times are in EDT. 

12:47 a.m. - Osama Bin Laden's body is being handled in accordance with Islamic practices, U.S. officials are saying in various reports.

12:45 a.m. - Senior Pakistani officials on Sunday confirmed that Osama Bin Laden was killed late Sunday night. Yes, I can confirm that, an official told Reuters but would not confirm details.

12:38 a.m. - Full Text of President Barack Obama's Speech

Tonight, I can report to the American people and to the world that the United States has conducted an operation that killed Osama bin Laden, the leader of al Qaeda, and a terrorist who's responsible for the murder of thousands of innocent men, women, and children.

12:25 a.m. - New York City Mayor Michael Bloomberg released a statement on the killing of Osama bin Laden:

After September 11, 2001, we gave our word as Americans that we would stop at nothing to capture or kill Osama bin Laden. After the contribution of millions, including so many who made the ultimate sacrifice for our nation, we have kept that word.

The killing of Osama bin Laden does not lessen the suffering that New Yorkers and Americans experienced at his hands, but it is a critically important victory for our nation - and a tribute to the millions of men and women in our armed forces and elsewhere who have fought so hard for our nation.

New Yorkers have waited nearly ten years for this news. It is my hope that it will bring some closure and comfort to all those who lost loved ones on September 11, 2001.

12:22 a.m. - The U.S. dollar rose against the euro and yen on Monday after reports of Bin Laden's death, Agence France Presse reported. The dollar rose agains the euro to 1.4764 from 1.4864. The dollar rose to 81.66 yen from 81.19 earlier. 

12:20 a.m. - Counterterrorism official Blake Chow in Los Angeles, the second largest U.S. city, says police will be stepping up intelligence monitoring in the wake of the annoucement, the Associated Press reports.

12:15 a.m. - People are starting to gather at the World Trade Center in New York after the announcement.

12:08 a.m.- A large crowd has gathered outside the White House, according to video from MSNBC. People are cheering, climbing up trees and waving flags.

12:05 a.m. - Former U.S. President George Bush: Earlier this evening, President Obama called to inform me that American forces killed Osama bin Laden, the leader of the al Qaeda network that attacked America on September 11, 2001. I congratulated him and the men and women of our military and intelligence communities who devoted their lives to this mission. They have our everlasting gratitude. This momentous achievement marks a victory for America, for people who seek peace around the world, and for all those who lost loved ones on September 11, 2001. The fight against terror goes on, but tonight America has sent an unmistakable message: No matter how long it takes, justice will be done. 

12:02 a.m. - Ayman al-Zawahri, al Qaeda's No. 2 leader is like to succeed Osama bin Laden, Reuters reports. He is an Egyptian-born doctor and surgeon.

11:59 p.m. - Former President Bill Clinton has released a statement:

This is a profoundly important moment not just for the families of those who lost their lives on 9/11 and in al-Qaida's other attacks but for people all over the world who want to build a common future of peace, freedom, and cooperation for our children.

I congratulate the President, the National Security team and the members of our armed forces on bringing Osama bin Laden to justice after more than a decade of murderous al-Qaida attacks.

11:55 p.m. - U.S. politicians are beginning to weigh in on Bin Laden's death. A statement from New Jersey Governor Chris Christie was just issued. His state is across the Hudson River from New York, the site of the 9/11 attacks.

I want to commend President Obama's Administration for its commitment and dedication to finally bringing Osama bin Laden to justice. As the former U.S. Attorney and now Governor of New Jersey, I speak for all the families of this state who have courageously endured the unspeakable and devastating consequences of terrorism. There is hardly a life that has gone untouched in New Jersey by the horrifying assault on American soil that took place on September 11th and today, after years of waiting, justice has finally been delivered. While our fight against terrorism continues, Osama bin Laden's reign of terror has come to an end, sending a clear signal that even in the face of immeasurable horror, democracy and freedom continue to prevail.

11:49 p.m. - A crowd has gathered outside the White House to celebrate chanting USA, USA, according to Reuters.

11:44 p.m. - Obama ends his statement. May God Bless the United States of America.

11:43 p.m. - Obama: To the families who lost families on 9-11. We have never forgotten your loss ... let us think back to the sense of unity that prevailed on 9-11

11:42 p.m. - Obama: Americans understand the cost of war. We'll never tolerate our security threatened ... we'll be relentless in defense of our friends and allies ... Justice has been done.

11:41 p.m. - Obama: Pakistan cooperation helped to find bin Laden. Tonight he spoke with President Zardari of Pakistan. He agreed it's a good day for both Pakistan and the U.S.

11:40 p.m. - Obama speaks: Last August I was briefed on a possible lead. I met repeatedly with my security team.
He was hiding in a compound deep in Pakistan. Last week I authorized an attack. Today the U.S. launched the attack in Abbottabad, Pakistan. No Americans were killed. A firefight ensued and he was captured.

11:35 p.m. - President Barack Obama comes out at the White House to annouce Osama bin Laden has been killed.

11:30 p.m. Osama bin Laden was killed by U.S. forces, CNN is reporting citing Congressional and administration sources