We pointed out in our November 2009 issue that organised crime long ago turned its attention to the environment.
Starting out in waste (brilliantly described in the superb book and film, Gomorrah, by Roberto Saviano), the mafia has recently turned its attention to wind farms.
Now carousel fraudsters and others are joining in. As we noted threee years ago in this article entitled the carbon con the carbon markets are and were riddled with problems.
Now this Telegraph article shows how, worryingly: “Just a few weeks ago, Europol, the cross-border police force, said that carbon trading fraudsters may have accounted for up to 90pc of all market activity in some European countries, with criminals mainly from Britain, France, Spain, Denmark and Holland pocketing an estimated €5bn (£4.5bn).”
Of course, with any new market, there are always teething problems while regulation and enforcement catches up with ‘innovation’. The investors of the 1720’s eventually found this out after the disaster of the South Sea Bubble.
And it looks like regulation IS catching up in this last case.
But we can expect more market players to emerge the environmental sphere in the coming years with less than perfect ethics.
We’ll be keeping an eye on all this in our magazine on a regular basis.