This is a precious example of “all is well“ wishful thinking:
EUOBSERVER / BRUSSELS — Traders involved in Europe’s flagship climate change programme, the Emissions Trading System — some of whom work at Germany’s biggest banks and energy firms — were the focus of a series of raids and arrests by British and German prosecutors in part of a massive pan-European crackdown on CO2-credit VAT fraud. . . .
On Friday (30 April), it was revealed that UK tax authorities had raided 81 different offices and homes earlier in the week, arresting 22 individuals — 13 in England and further eight in Scotland.
The swoop, which occurred two days earlier, involved roughly 450 staff from Her Majesty’s Revenue and Customs.
German authorities simultaneously raided 230 premises, including the headquarters of Deutsche Bank in Frankfurt and the offices of RWE, one of the largest energy firms in Europe, according to the Bloomberg news agency. . . .
The operation, which targetted [sic] a total of 50 companies and some 150 suspects in Europe’s biggest economy, involved around a thousand investigators from Germany.
Authorities in eight other EU nations — Austria, Belgium, Cyprus, the Czech Republic, Denmark, Finland, the Netherlands and Portugal, as well as Norway, outside the bloc — were approached by Frankfurt prosecutors for their help in the investigation. . . .
In announcing its investigations into the pan-European racket, the agency said that as much as 90 percent of the entire market volume on emissions exchanges was caused by fraudulent activity.
European Commission climate spokeswoman Maria Kokkonen told EUobserver . . . “However, it should be underlined that this does not affect the overall functioning of the EU-ETS.”
Of course it doesn’t. Nothing to see here, folks — move along.