Money laundering can take different forms, and is not limited to tax evasion, cybercrime, identity fraud, phishing, card fraud, skimming, advance fee scams, fund transfer schemes, fake prizes, international lottery fraud, wills and legacies and loan fraud and international transfers etc. The technologies adopted by BFIs are making them increasingly vulnerable to various risks in money laundering.
Although spending on many services continues to lag, the rebound in the GDP data has been broad based across indicators of goods consumption, housing, and  The views expressed are my own and not necessarily those of other Federal Reserve Board members or Federal Open Market Committee participants. I would like to thank Chiara Scotti for her assistance in preparing these remarks.