Feeds

Carousel fraud costs UK £3bn

HMRC figures it out

Application security programs and practises

Missing trader or carousel fraud cost Her Majesty's Revenue and Customs £3bn in the last financial year.

Figures from the Treasury reveal the size of the problem, although HMRC believes it is getting on top of the problem - helped by the closure of the First Bank of Curacao earlier this year.

Customs estimates that attempted MTIC fraud was between £3.5bn and £4.75bn. But many of these are stopped so Customs believes the true cost is more likely to be between £2bn and £3bn.

A major victory was achieved in September with the closure of the First Curacao International Bank (FCIB). Every single UK convicted missing trader fraudster had an account at the bank.

Computer chips and mobile phones are often targetted in the fraud because of their high price and small size.

Carousel fraud involves importing, or claiming to import, goods from another EU country without paying VAT, then selling them on and pocketing the tax. The same goods will often go from country to country earning fraudulent tax at every stage.

Increasingly, the goods don't even physically move.

The European Commission has agreed to change the way VAT is paid on certain goods.®

Mobile application security vulnerability report

More from The Register

next story
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.