Pirate Trails: Tracking the Illicit Financial Flows from Piracy off the Horn of Africa – Financial and Private Sector Development

It is estimated that more than US$400 million was claimed in ransoms for pirate acts between April 2005 and December 2012 and 179 ships were hijacked off the coast of Somalia and the Horn of Africa during that time.

Twenty first century Somali Piracy not only creates problems in the region, but also has a global impact. Unchallenged piracy is not only a menace to political stability and a threat to international security, but it also undermines global growth prospects going forward. Up until now, little attention has been paid to tracking and disrupting the financial flows from piracy.

World Bank -UNODC- INTERPOL Study: Pirate Trails

This study by the International Criminal Police Organization, United Nations Office on Drugs and Crime and World Bank attempts to understand the illicit financial flows from pirate activities off the Horn of Africa. The study focused on: Djibouti, Ethiopia, Kenya, Seychelles, and Somalia.

The study (i) analyzes how much money is collected in ransom payments; (ii) how and to whom this money – the proceeds of piracy – are distributed; (iii) how these proceeds may be invested.

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via Financial and Private Sector Development – Pirate Trails: Tracking the Illicit Financial Flows from Piracy off the Horn of Africa.

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