Essentials: Value Added Tax / GST fraud including Missing Trader / Carousel Fraud

VAT etc. fraud generates tens of thousands of millions of euros and other currencies for criminals. Some are organised criminal gangs but others are basically a cottage industry. Carousel fraud and Missing Trader (MTIC) fraud is vast.

Within Europe, fraud relating to Value Added Tax, universally known as VAT, and similar taxes generates thousands of millions of euros in profits for criminal gangs each year at the expense of taxpayers in member states.

VAT is not unique to the European Union. There are a number of similar taxes around the world, often known as a ″goods and services tax,″ or GST.

However, some taxes called GST are really simple sales taxes and don’t fit the VAT model.

In this course, we are concerned with the abuse of the system by criminals. No matter what the tax is called, the abuses are the same because the features of the tax that create the opportunity for the fraud are the same in all the versions of the tax.

In this course we will go back to the basics of VAT to demonstrate exactly how the structure creates the mechanisms which are hugely beneficial to society when used properly – but absolutely open to abuse, and therefore enormous detriment to society, by criminals.

We will answer the following questions:

What is it,

how is it possible,

how is it done and

how does it relate to money laundering?

We will also look at

counter-measures

the ultimate solution (a non-examinable discussion document).

This course attracts Portable CPD (tm) of four hours (where recognised) and 12 points towards the Certificate in Financial Crime Risk and Compliance.

Upon completion of the course and attaining the required pass mark in the examination, users may download a certificate which they can print, add to their CV and/or post to social media.

Prices include UK VAT as applicable.

Course Page

Course language: English
Course level: Senior
Portable CPD? Yes
Examination? Yes
Certificate? Yes