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Brits accused of carbon trading fraud

Published on 12 Jan 2010 under category: legal

Three Britons have been charged with carbon trading fraud crimes.

The three, along with one man from the Netherlands, were accused of the scam in a Belgian court.

It is alleged that the group failed to pay value added tax worth €3 million (£2.7 million) on several carbon credit transactions.

The four are said to have undertaken the trading carousel crimes from a base in Belgium.

Money laundering is the charge that has been brought against the four individuals as part of the case.

The three Britons were arrested in connection with the suspected crimes last year, with the fourth individual being tracked down earlier this week.

Carbon trading fraud crimes involve goods being imported tax-free from Europe before being sold on without any tax being paid.

The news comes shortly after Europol - the European police agency - revealed that the European Union has been the victim of carbon trading fraud crimes worth around €5 billion during the last 18 months.

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