Europe's cap-and-trade program which is designed to reduce CO2 emissions is rife with fraud thanks to organized crime's alleged involvement in the market as reported by the European Police Office (EUROPOL):
The European Union (EU) Emission Trading System (ETS) has been the victim of fraudulent traders in the past 18 months. This resulted in losses of approximately 5 billion euros for several national tax revenues. It is estimated that in some countries, up to 90% of the whole market volume was caused by fraudulent activities.
In France prosecutors have "opened a criminal investigation of four men allegedly involved in a 156 million- euro ($230 million) carbon trading fraud" as reported by Heather Smith for Bloomberg: "Investigating Judge Jean-Marie d'Huy is leading the probe into allegations including criminal conspiracy, money laundering, misuse of corporate funds, and carbon trading and tax fraud, according to an e-mailed statement from the prosecutors."