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- 4 May 2010
Fraudulent Carbon Trading Scheme Results in 22 UK Arrests UK and German tax officers teamed up in a major cross-border investigation into alleged carbon trading fraud involving fraudsters from Britain, France, Spain, Denmark and Holland. Since December 2009 more than 2,450 UK and German tax officers were involved in the operation which resulted in 22 UK arrests in a case linked to raids at the Deutsche Bank.
At the centre of this fraudulent carbon trading scheme is the Danish Carbon Registry where most of these carbon emissions credits were traded. According to local media who has repeatedly raised the fact that few, if any checks are done on new traders and approval can be much quicker than other European countries. By law the only sectors obliged to own permits to cover emissions are the utilities, oil and heavy industry but recently hundreds of unknown UK companies not related to these sectors have registered to buy and sell carbon permits in Denmark which raised the attention of Danish authorities. While many of these companies are bound to be genuine private traders operating legally on the carbon markets, others were being investigated under a type of fraud known as “carousel fraud”, where a trader disappears without paying VAT (value added tax) during a cross-border transaction. Last year following recommendations from Denmark; Britain, France, Spain and the Netherlands removed VAT on carbon trading to prevent this type of fraud, after European authorities revealed that in some countries 90% of all market activity could be related to fraudulent activities. Europol, the cross-border police forces estimated that criminals mainly from Britain, France, Spain and Holland have pocketed a total of €5bn (£4.5bn). In order to eradicate the VAT fraud, Europe will start a so called “reverse charge” mechanism, which would remove the need for VAT to change hands between carbon traders every time permits are sold. Preventing the VAT fraud is not the only preventive measure that should be taken towards trading carbon credits warns Rafael Rondelez, who was involved with the Europol investigation. Other types of carbon trading frauds could soon emerge due to the fact that there are no strong regulations in place yet, like the ones to prevent money laundering. This urges the need of an EU meeting to establish strict rules for carbon trading in Europe.
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Pingback by Tweets that mention Fraudulent Carbon Trading Scheme Results in 22 UK Arrests -- Topsy.com — May 4, 2010 @ 11:32 am
Arrests in Carbon Trading Scheme…
This was also a real big problem in the mobile phone world a few years ago. Wouldnt be suprissed if its the same people again behing this….
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Trackback by pligg.com — May 11, 2010 @ 8:41 pm
Fraudulent Carbon Trading Scheme…
This was also a real big problem in the mobile phone world a few years ago. Wouldnt be suprissed if its the same people again behing this….
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Fraudulent Carbon Trading Scheme…
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Comment by Christian Louboutin — May 17, 2010 @ 8:26 am
Arrests in Carbon Trading Scheme…
what a joke, this is really serious, and you would think it would be controlled tighter, as these guys have a licence to print money….
Trackback by pligg.com — May 25, 2010 @ 2:10 pm
Arrests in Carbon Trading Scheme…
what a joke, this is really serious, and you would think it would be controlled tighter, as these guys have a licence to print money….
Trackback by socialwebcms.com — May 26, 2010 @ 3:54 am
Carbon Trading Scheme Fraudulent…
what a joke, this is really serious, and you would think it would be controlled tighter, as these guys have a licence to print money….
Trackback by pligg.com — May 31, 2010 @ 11:22 pm
Carbon Trading Scheme Fraudulent…
This was also a real big problem in the mobile phone world a few years ago. Wouldnt be suprissed if its the same people again behing this….
Trackback by pligg.com — June 1, 2010 @ 1:35 am
Fraudulent Carbon Trading Scheme…
This was also a real big problem in the mobile phone world a few years ago. Wouldnt be suprissed if its the same people again behing this….
Trackback by pligg.com — June 2, 2010 @ 7:34 am
Arrests in Carbon Trading Scheme…
Its all a bit of a con anyway, how to tax fresh air and make money on it….
Trackback by pligg.com — June 3, 2010 @ 8:23 pm