Fraudulent trading of carbon emissions credits in the past 18 months has led to more than 5 billion euros in tax revenue losses for several EU nations, statement by European police agency Europol. Authorities estimate that in some countries, up to 90 percent of the whole carbon market volume was caused by fraudulent activities and warned that the fraud scheme could soon migrate to the gas and electricity sectors.
"There are reasons to believe that fraudsters might soon migrate toward the gas and electricity branches of the energy sector," Europol further said.
The carbon credit fraud was first detected by authorities in late 2008.
"There are reasons to believe that fraudsters might soon migrate toward the gas and electricity branches of the energy sector," Europol further said.
The carbon credit fraud was first detected by authorities in late 2008.
Find more on: http://www.planetark.com/enviro-news/item/55918
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