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Friday, January 01, 2010

Billions stolen in organized crime carbon trading believed centered in Denmark

12/30/09, Telegraph UK: "According to sources, the Danish registry may be at the heart of Europe's problems with carbon trading fraud. Local media has repeatedly raised the fact that few, if any, checks are done on new traders and approval can be much quicker than in other countries....

Just a few weeks ago, Europol, the cross-border police force, said that carbon trading fraudsters may have accounted for up to 90pc of all market activity in some European countries, with criminals mainly from Britain, France, Spain, Denmark and Holland pocketing an estimated €5bn (£4.5bn).

  • "It is estimated that in some countries, up to 90pc of the whole market volume was caused by fraudulent activities," Europol said....

The London platform, the European Climate Exchange, where banks and energy companies tend to trade, is not affected by the fraud because it does not offer the spot contracts on which VAT was payable.

This organised criminal activity has even "endangered the credibility" of the current carbon trading system, according to Rob Wainwright, the director of Europol....

  • But the attraction of carbon permits is their intangible nature, so there is no need physically to ship goods across borders. All is done at the click of a mouse."...

"'Carousel' frauds plague Europeon carbon trading markets," Telegraph UK, 12/30/09, by Rowena Mason

Sports Illustrated cover, March 2007 uses the game of baseball and one of its stars to sell fraud of global warming.

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