Is there more fraud in Nevada than any other state?
According to the Financial Crimes Enforcement Network, in 2021, Nevada ranked 21st among U.S. states in the number of Suspicious Activity Reports filed by all industries. The top three states were California, New York and Texas. Smaller states with more reports than Nevada included Delaware, Utah and Alabama. An SAR is a document that financial institutions and associated businesses must file with FinCEN whenever there is suspected money laundering or fraud.
Looking only at the gaming industry, Nevada ranked first in SARs filed. Nevada’s gaming industry is the largest in the U.S., with more than double the revenue of the second largest market, Atlantic City. A separate report by Zippia found that Las Vegas had the 15th highest white-collar crime rate among U.S. cities.
According to a 2015 U.S. Department of the Treasury risk assessment, approximately $300 billion in illicit proceeds is generated nationally each year. Fraud and drug trafficking offenses generate most of this revenue.