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
Famous quotes containing the words cost of, cost and/or fraud:
“The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.”
—Henry David Thoreau (1817–1862)
“Apparently, a democracy is a place where numerous elections are held at great cost without issues and with interchangeable candidates.”
—Gore Vidal (b. 1925)
“Things gained through unjust fraud are never secure.”
—Sophocles (497–406/5 B.C.)