More sophisticated than you thought
A new study reveals how Somali piracy is financed
Ransoms Total Over US$339 Million, Says new research
Washington, November 1 — Between US$339 million and US$413 million was taken in ransom from the hijacking of ships off the coast of Somalia and the Horn of Africa between 2005 and 2012, according to a report released today. The study – carried out by the World Bank, the United Nations Office on Drugs and Crime (UNODC) and INTERPOL – reveals that much of the ransom money was used to fuel a wide range of criminal activities on a global scale.
PIRACY remains a concern for ships passing the Horn of Africa, 
even though the number of incidents has plummeted since 2011, when armed protection was beefed up on board many large vessels. The topic grips the public imagination. Witness the success of “Captain Phillips”, a film in which a vessel captained by the actor Tom Hanks is hijacked by Somalis. Yet the pirate economy is poorly understood. A report*, to be released on November 4th by the World Bank, the UN and Interpol sheds new light.
A new study reveals how Somali piracy is financed
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