EUobserver / Anti-fraud investigators swoop on EU emissions traders

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.
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Environmentalist critics of the ETS however said that such criminal activity is not the exception to the rule, but intrinsic to a carbon market.

"Carbon markets are highly susceptible to fraud, given their complexity and the fact that it is not always clear what is being traded," said Oscar Reyes of Carbon Trade Watch.