The Irish Times on 7th May reported that Irish banks and shell companies were used in transactions worth millions of euro involving companies and individuals under investigation for significant tax fraud in Germany and elsewhere. The details are contained in a cache of files leaked to German non-profit newsroom Correctiv and shared with publishers around Europe, including The Irish Times. The article explains that the European system of carbon trading was infiltrated in 2009 and 2010 by fraudsters who took advantage of the fact that carbon credits could be traded without VAT between EU countries. Fraudsters then constructed complex commercial chains, often with the involvement of innocent entities, charging VAT on the credits and also claiming tax back from local tax authorities. The involvement of Irish banks in the transactions, which date to 2009 and 2010, has raised questions over how well-prepared the financial system is to tackle financial crime.