On March 7th Alexander Badle senior prosecutor for the Office of the Attorney General of Germany issued a statement, saying that tax fraud on carbon dioxide emission trading has cost the government an estimated total of EUR 850 million in lost revenues. The figure emerged throughout the course of the ongoing investigations into frauds allegedly committed by 120 companies operating in Germany and registered across Europe and in the United Arab Emirates.
The investigations were prompted in 2009 when evidence arose of multinational companies across the EU using “carousel fraud” to bypass taxes on carbon emissions trading. Initial Interpol investigations estimated that the schemes cost EU tax authorities a cumulative EUR 5 billion.
Alexander Badle said that 180 people are being investigated for their roles in the carousel schemes, with four people already in custody. Alexander Badle went on to say that seven people who are being investigated are employees of Deutsche Bank AG. The bank has replied, saying that an investigation conducted on its own behalf has shown no evidence of wrong doing.
Read the entire article here.
The EU Emission Trading System was closed for two weeks in February due to fraud and theft. EU climate commissioner Connie Hedegaard then promised the following action:
“The commission has identified a range of actions member states can already take in the short term to further improve security. For example, by regularly reviewing security plans, by reinforcing registry account policies and identity checks, by training registry users, etcetera.”
“For the medium and long term, we reinforce efforts to identify solutions in co-operation both with member states and through a regular dialogue with stakeholders.”
"Regular dialogue with stakeholders" - that sounds tough! The criminals using loopholes in the EU legislation must be scared stiff. Unfortunately Ms. Hedegaard and the other EU climate change promoters do not need to have a dialogue with the real stakeholders - the European taxpayers - because they are unelected buraucrats.
The carbon criminals must have studied this official EU "documentary" closely: