Wednesday, December 09, 2009

Surprise: EU's carbon trading riddled with fraud

EuroPol, the EU law enforcement organization, reports that carbon trading is up to 90% fraudulent:
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.
Hat tip: Instapundit and Volokh Conspiracy

EuroPol provides a helpful diagram (PDF) explaining how "carbon credit carousel fraud" works (click image to enlarge):
Some Americans may be jealous of these rich opportunities that the EU offers to criminals. Do not despair, however, because the Democrats hope to start a similar cap-and-trade scheme here in the US.

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