{"id":184535,"date":"2010-01-14T12:01:13","date_gmt":"2010-01-14T17:01:13","guid":{"rendered":"http:\/\/nw0.eu\/2010\/01\/14\/the-next-big-scam-carbon-dioxide.html"},"modified":"2010-01-14T12:01:13","modified_gmt":"2010-01-14T17:01:13","slug":"the-next-big-scam-carbon-dioxide","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/184535","title":{"rendered":"The next big scam: carbon dioxide"},"content":{"rendered":"

Patricia Adams
\nFinancial Post<\/a>
\nThursday, January 14th, 2010<\/p>\n

Attempts to create markets for tradeable CO2 are shaping up to be the next Oil-for-Food-sized fraud.<\/p>\n

Deloitte Forensic calls it \u201cthe white collar crime of the
\nfuture.\u201d Kroll, a business risk subsidiary of Marsh &
\nMcLennan, the global professional services firm, calls it \u201ca
\nfraudster\u2019s dream come true.\u201d<\/p>\n

These two global financial services firms are referring to carbon
\ntrading markets, a business that is estimated to explode from
\n$132-billion in 2009, mostly in the European Union, to $3-trillion by
\n2020 as jurisdictions around the world join in carbon trading, part of
\nthe \u201ccap and trade\u201d system that governments are embracing.<\/p>\n

Under cap and trade, companies need permits for the right to emit
\nCO2 as part of their operations. The permits, in effect, guarantee that
\nexcess carbon emissions will be \u201coffset\u201d by third parties
\nthat will, for example, sequester carbon by growing trees. These
\npermits, which are being traded on carbon exchanges, akin to stock
\nexchanges, have caught the attention of law enforcement officers, who
\nhave seen an upsurge in fraud.<\/p>\n

Says Chris Perryman of Europol\u2019s Criminal Finances and
\nTechnology section in The Hague, in referring to the $7.4-billion in
\nfraud that have occurred in the last 18 months in the EU\u2019s carbon
\nmarket: \u201cIt is clear that [carbon trading] fraudsters are fully
\naware of the potential that trading in intangible commodities has to
\nfurther their ends. Such goods or services can be traded without the
\nneed to be physically moved or transported, which represents an obvious
\nopportunity to frustrate Law Enforcement efforts to track and trace
\ntransactions.\u201d So much fraud has been occurring that, Europol
\nestimates, up to 90% of all carbon market volume in some EU nations was
\nrelated to fraudulent activities.<\/p>\n

Full article here<\/strong><\/a><\/p>\n

<\/div>\n

Book Mark it-><\/b> del.icio.us<\/a> | Reddit<\/a> | Slashdot<\/a> | Digg<\/a> | Facebook<\/a> | Technorati<\/a> | Google<\/a> | StumbleUpon<\/a> | Window Live<\/a> | Tailrank<\/a> | Furl<\/a> | Netscape<\/a> | Yahoo<\/a> | BlinkList<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Patricia Adams Financial Post Thursday, January 14th, 2010 Attempts to create markets for tradeable CO2 are shaping up to be the next Oil-for-Food-sized fraud. Deloitte Forensic calls it \u201cthe white collar crime of the future.\u201d Kroll, a business risk subsidiary of Marsh & McLennan, the global professional services firm, calls it \u201ca fraudster\u2019s dream come […]<\/p>\n","protected":false},"author":2604,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-184535","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/184535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/2604"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=184535"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/184535\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=184535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=184535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=184535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}