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

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
http://www.risk.net/energy-risk/news/1585509/four-charged-carbon-trading-fraud-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”