European taxpayers lose €5bn in carbon trading fraud
December 19th, 2009
The European Union has probably lost at least €5bn (£4.5bn) to VAT fraud related to carbon trading and there is a risk that the criminals will now shift their attention to Europe’s electricity and gas markets, according to Europol.
The news will cause further embarrassment for European governments negotiating at the Copenhagen climate summit and trying to persuade other parts of the world to sign up to carbon trading as a way of reducing emissions. Source