But the sum is incredible: 5 billion Euros lost for the European taxpayer!!
"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."Maybe I have missed something, but why don't the traditional media report about that?
8 comments:
Would seem like headline news to me... Lets keep an eye on the media to see what comes of it. Please share your links to media coverage of the subject by key news media in by posting your comments to this blog.
Ok here we go: MSN France, Canadian Yahoo News, France24, Reuters (1 hour after Julien Frish's tweet !), Le Soir Belgium, Dow Jones, Bloomberg, France Info, Le Figaro, La Libre Belgique, BBC Newsnight, Wirtschaftsblatt,
Looks like France, the US and Australia are more interested than others...
Check out this Google News search on europol emissions trading
Telegraph at 11.30 CET
Story is also spreading on twitter
Reading the Press Release it seems the criminals have successfully exploited the bureaucratic format of the EU carbon-trading system. Lots of different schemes, according to country; registration in the base country before sending on to the EU central registry.
So many different routes and so many opportunities to exploit delays in notification.
The whole system needs a thorough clean-up - quick!
http://www.publico.es/ciencias/276786/fraude/millones/reventa/co
um, ahem ... http://euobserver.com/9/29132
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