International News
See other International News Articles
Title: Fraud in Europe's Cap and Trade System a 'Red Flag,' Critics Say [scheme that has robbed the continent of $7.4 billion]
Source:
Fox News Fair and Balanced
URL Source: http://www.foxnews.com/politics/200 ... 528FOXNews.com+-+Politics%2529
Published: Dec 19, 2009
Author: Fox News
Post Date: 2009-12-19 15:55:06 by WhiteSands
Keywords: Climate-Gate, Wram-Monger, DNC
Views: 225
Comments: 1
By Joshua Rhett Miller - FOXNews.com The top cops in Europe say carbon-trading is an organized crime scheme that has robbed the continent of $7.4 billion -- a massive fraud that lawmakers and energy experts say should send a "red flag" to the U.S., which approved cap-and-trade legislation over the summer amid stiff opposition. The top cops in Europe say carbon-trading has fallen prey to an organized crime scheme that has robbed the continent of $7.4 billion -- a massive fraud that lawmakers and energy experts say should send a "red flag" to the U.S., where the House approved cap-and-trade legislation over the summer amid stiff opposition. In a statement released last week, the Europol police agency said Europe's cap-and-trade system has been the victim of organized crime during the past 18 months, resulting in losses of roughly $7.4 billion. The agency, headquartered in the Netherlands, estimated that in some countries up to 90 percent of the entire market volume was caused by fraudulent activities. "These criminal activities endanger the credibility of the European Union Emission Trading System and lead to the loss of significant tax revenue for governments," Rob Wainwright, Europol's director, said in a statement. Launched in 2005, the Emission Trading System seeks to reduce greenhouse gas emissions -- which many scientists believe contribute to global warming -- by allocating carbon pollution allowances to member states to fulfill its obligations under the U.N.'s Kyoto Protocol. Companies that emit less than their allowance can sell the difference on the trading market to firms that exceed their established limits. But, according to a diagram of the scheme provided by Europol officials, the accused traders would open an account in a national carbon registry and then purchased emission allowances without value added taxes from other companies in other countries. Those allowances were then transferred to the country where they were registered before the accused trader moves them to an unregulated broker, selling the allowances on a trading exchange, often through various buffer companies. Finally, the accused trader charges the value added tax on the transaction but does not submit that money to authorities.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: WhiteSands (#0)
Financial Capitalists and MArxists are both lock stop and barrel behind Cap and Trade in Europe and America. Banks will make billions trading these carbon credits on free world markets.
Stand Up, Men of the West!!! http://www.youtube.com/watch?v=9GgSdiX0kDI
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]