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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? [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”


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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

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