Earlier this year the EU Registry System Network was forced to suspend trading due to criminal infiltration of its operations to commit fraud. The Environment Agency (EA), as the UK system administrator, says it‚Äôs determined to ensure that criminals are not allowed to exploit the UK carbon trading entry service, which is part of the European Union Emission Trading Scheme and links to the EU Registry System Network….
To guard the UK element of the EU Registry System Network against organised crime, the Environment Agency has forged a partnership with the Serious Organised Crime Agency (SOCA) and HM Revenue & Customs (HMRC). ??As the world’s first and largest carbon reduction scheme, the European Union Emission Trading Scheme is a critical element of the global transition to low carbon technologies and power. It aims to incentivise polluting industries to develop green solutions that help to reduce the affects of climate change.??The partner agencies are working together to scrutinise registrations and trader history in order to revalidate that UK managed accounts represent genuine commercial activity. Any person seeking to register or hold an account to commit fraud or other criminal offences, either here in the UK or against EU trading partners, should be left in no doubt that they will be identified and prosecuted to the full extent of the law. ??Under the Fraud Act 2006, those who deliberately register using false or inaccurate information commit a criminal offence. Related offences may also include assisting to launder the proceeds of crime, which is a criminal offence under the Proceeds of Crime Act 2002. These offences are punishable by imprisonment. SOCA also has criminal and civil powers to seize money, belongings and any property owned in connection with these offences. HMRC will pursue any liability to pay tax.?Anyone with legitimate interests to trade should have nothing to fear from this account revalidation process. The EA and its partners appreciate the cooperation of all such legitimate traders necessarily involved in the process. It has been instigated by the EA, in accordance with their due diligence responsibilities and is intended as a proportionate measure to promote trader confidence.
For more information on this topic visit http://emissionsregistry.environment-agency.gov.uk
