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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? 
Tuesday , January 12th, 2010
From the Guardian :
Belgian prosecutors highlighted the massive losses faced by EU governments from VAT fraud  today after they charged three Britons and a Dutchman with money-laundering following an investigation into a multimillion-pound scam involving carbon emissions  permits.
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  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.”
Four charged with carbon trading fraud in Belgium
Meanwhile here in the USA, carbon is trading for 10 cents a ton on the Chicago Carbon Exchange :
h/t to WUWT reader “Michael”
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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:
 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/
 Guardian: http://www.guardian.co.uk/business/2010/jan/11/eu-carbon-trading-carousel-fraud
 massive losses faced by EU governments from VAT fraud: http://www.guardian.co.uk/environment/2009/dec/03/copenhagen-summit-carbon-trading-scam
 carbon emissions: http://www.guardian.co.uk/environment/carbon-emissions
 carbon-trading VAT fraud: http://www.guardian.co.uk/business/2009/dec/14/eu-carbon-trading-fraud
 Image: http://www.prisonplanet.com/2009_christmas_special.htm
 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
 Chicago Carbon Exchange: http://www.chicagoclimatex.com/market/data/daily.jsf
 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
 EU Courts Force Airlines into Carbon Trading Market: http://www.prisonplanet.com/eu-courts-force-airlines-into-carbon-trading-market.html
 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
 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
 Seven arrests in suspected £38m carbon credit fraud: http://www.prisonplanet.com/seven-arrests-in-suspected-38m-carbon-credit-fraud.html
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