Seigniorage laundering: the Clearstream Connection

Lucy Komisar’s article in In These Times focuses on Clearstream, a Luxembourg-based clearing house that handles financial transactions for banks and multinational corporations. Komisar claims that Clearstream has a secret accounting system that allows its clients to hide money and evade taxes, while also facilitating money laundering and criminal activity. Ernest Backes, a former Clearstream official, revealed details of this system and provided evidence showing how Clearstream has been used for illegal operations, including money laundering for Colombian drug cartels, tax evasion by large corporations, and terrorist financing. The article also details investigations by various authorities and allegations of corruption involving the company and its officials. https://inthesetimes.com/article/explosive-revelations