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PrintJanuary 12, 2010
EU Carbon Swap market riddled with fraud
Wattsupwiththat reports the European carbon trading market is riddled with fraud--perhaps as much as 90% of the volume of all transactions have been fraudulent
European authorities believe the EU has lost at least €5bn to carbon-trading VAT fraud in the last 18 months. Europol, the EU's law-enforcement operation, fears the fraud will be used in other areas, especially gas and electricity trading markets, after criminals found VAT fraud was one of the most lucrative financial frauds.
"Last month, the European police agency Europol reported that the European Union's Emissions Trading Scheme (EU ETS) had fallen victim to fraudulent trading activities over the past 18 months, worth €5 billion for several national tax revenues.
It estimates that in some countries, up to 90% of the whole market volume was caused by fraudulent activities."
"Last month, the European police agency Europol reported that the European Union's Emissions Trading Scheme (EU ETS) had fallen victim to fraudulent trading activities over the past 18 months, worth €5 billion for several national tax revenues.
It estimates that in some countries, up to 90% of the whole market volume was caused by fraudulent activities."
(Also see Four charged with carbon trading fraud in Belgium)
h/t:Rick Ballard who satirically suggests that since the "climate scientology" underlying this market was fraudulent , this is to be expected.
Clarice Feldman
