It turns out that many – including people working at Germany’s biggest banks and energy firms, have been involved in carbon emissions credit VAT fraud.
Europol has estimated that in some countries, up to 90% of the whole market volume was caused by fraudulent activities.
This is obviously worrying. The Commission says that the newly introduced reverse charges will change the game. It is very important indeed to curb speculation, since the whole emission trading scheme can be seriously compromised if sufficient control mechanisms are not introduced right away.