- Prison Planet.com - http://www.prisonplanet.com -

Carbon trading fraud in Belgium – “up to 90% of the whole market volume was caused by fraudulent activities”

Posted By admin On January 12, 2010 @ 5:26 am In Prison Planet | Comments Disabled

Watts Up With That? [1]
Tuesday , January 12th, 2010

From the Guardian [2]:

Belgian prosecutors highlighted the massive losses faced by EU governments from VAT fraud [3] today after they charged three Britons and a Dutchman with money-laundering following an investigation into a multimillion-pound scam involving carbon emissions [4] permits.

Carbon trading fraud in Belgium – “up to 90% of the whole market volume was caused by fraudulent activities”

The three Britons, who were arrested last month in Belgium, were accused of failing to pay VAT worth €3m (£2.7m) on a series of carbon credit transactions.

European authorities believe the EU has lost at least €5bn to carbon-trading VAT fraud [5] 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.

Carbon trading fraud in Belgium – “up to 90% of the whole market volume was caused by fraudulent activities” 040110banner2 [6]

“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.”

Four charged with carbon trading fraud in Belgium
http://www.risk.net/energy-risk/news/1585509/four-charged-carbon-trading-fraud-belgium [7]

Meanwhile here in the USA, carbon is trading for 10 cents a ton on the Chicago Carbon Exchange [8]:

Carbon trading fraud in Belgium – “up to 90% of the whole market volume was caused by fraudulent activities” [8]

h/t to WUWT reader “Michael”


Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/carbon-trading-fraud-in-belgium-%e2%80%93-%e2%80%9cup-to-90-of-the-whole-market-volume-was-caused-by-fraudulent-activities%e2%80%9d.html

URLs in this post:

[1] Watts Up With That?: http://wattsupwiththat.com/2010/01/12/carbon-trading-fraud-in-belgium-up-to-90-of-the-whole-market-volume-was-caused-by-fraudulent-activities/

[2] Guardian: http://www.guardian.co.uk/business/2010/jan/11/eu-carbon-trading-carousel-fraud

[3] massive losses faced by EU governments from VAT fraud: http://www.guardian.co.uk/environment/2009/dec/03/copenhagen-summit-carbon-trading-scam

[4] carbon emissions: http://www.guardian.co.uk/environment/carbon-emissions

[5] carbon-trading VAT fraud: http://www.guardian.co.uk/business/2009/dec/14/eu-carbon-trading-fraud

[6] Image: http://www.prisonplanet.com/2009_christmas_special.htm

[7] http://www.risk.net/energy-risk/news/1585509/four-charged-carbon-trading-fraud-belgium: http://www.risk.net/energy-risk/news/1585509/four-charged-carbon-trading-fraud-belgium

[8] Chicago Carbon Exchange: http://www.chicagoclimatex.com/market/data/daily.jsf

[9] Rothschild Australia and E3 International to take the lead in the global carbon trading market: http://www.prisonplanet.com/rothschild-australia-and-e3-international-to-take-the-lead-in-the-global-carbon-trading-market.html

[10] EU Courts Force Airlines into Carbon Trading Market: http://www.prisonplanet.com/eu-courts-force-airlines-into-carbon-trading-market.html

[11] UK’s richest man could make more than £1bn from carbon trading scheme: http://www.prisonplanet.com/uks-richest-man-could-make-more-than-1bn-from-carbon-trading-scheme.html

[12] EU Carbon Credit trading takes a dive. In Greece, they can’t hardly give EU carbon credits away: http://www.prisonplanet.com/eu-carbon-credit-trading-takes-a-dive-in-greece-they-can%e2%80%99t-hardly-give-eu-carbon-credits-away.html

[13] Seven arrests in suspected £38m carbon credit fraud: http://www.prisonplanet.com/seven-arrests-in-suspected-38m-carbon-credit-fraud.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.