Financial Times FT.com

UK seeks European help on carousel fraud

By Jimmy Burns

Published: October 26 2006 03:00 | Last updated: October 26 2006 03:00

Ministers will press for greater Europe-wide co-operation to tackle missing trader fraud amid growing concerns about the scam's links to organised criminality and terrorism.

Multibillion pound "carousel" fraud, whereby criminals collect value-added tax refunds while withholding payments of the tax, involves the international trade in mobile phones and related goods that are dispatched through complex European supply chains.

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