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

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.

http://wattsupwiththat.files.wordpress.com/2009/08/carboncreditcertificate.jpg?w=500&h=382

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.

[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]:

[8]

h/t to WUWT reader “Michael”