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Carousel VAT fraud drains €50 billion annually from European treasuries, outpacing HSBC's $22 billion net income and inflating compliance costs for global lenders.
Bullough argues carousel fraud has no earnings ceiling, pushing criminal gangs to collaborate rather than compete, enabling ever-larger and more elaborate schemes.
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One number reframes how to think about financial crime in Europe, and it does not come from a bank's income statement. It comes from a journalist's estimate of what one particular scam drains out of national treasuries every year.