December 9, 2009

Carbon Credit fraud causes more than 5 billion euros damage for European Taxpayer

Filed under: climate — Tags: — inece @ 3:49 pm
Europol reports that the European Union (EU) Emission Trading System (ETS) has been the victim of fraudulent traders in the past 18 months. This resulted in losses of approximately 5 billion euros for several national tax revenues. It is estimated that in some countries, up to 90% of the whole market volume was caused by fraudulent activities.
Mr. Wainwright, Director of Europol, says “These criminal activities endanger the credibility of the European Union Emission Trading System and lead to the loss of significant tax revenue for governments. Europol is using its expertise and information capabilities to help target the organised crime groups involved”. Europol has therefore offered its support to the European Commission – DG Environment to safeguard the integrity of the Community Independent Transaction Log.”
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