Cost of The Fraud
According to the case Federation of Technological Industries v Customs and Excise Commissioners ( EWCA Civ 1020) in 2002-3 the estimated cumulative cost of such frauds to the UK alone was between £1.65 and £2.64 billion (US$2.9 to $4.62).
According to the BBC, "So-called 'missing trader' or 'carousel' fraud is estimated to cost European taxpayers up to £170bn a year - twice the European Union's annual budget."
The fraud has mutated and now can incorporate all high value goods such as designer goods, health products, jewellery etc.
Read more about this topic: Missing Trader Fraud
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“There exists in a great part of the Northern people a gloomy diffidence in the moral character of the government. On the broaching of this question, as general expression of despondency, of disbelief that any good will accrue from a remonstrance on an act of fraud and robbery, appeared in those men to whom we naturally turn for aid and counsel. Will the American government steal? Will it lie? Will it kill?—We ask triumphantly.”
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