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Monday, November 04, 2013

Somali Piracy: World Bank, Interpol, UNODC Track Money Trail of Pirate's Ransom Money

The World Bank ("Working for a World Free of Poverty"), UNODC and Interpol report on the money collected by pirates in a joint report, ‘Pirate Trails’ Tracks Dirty Money Resulting From Piracy Off the Horn of Africa
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.

“Pirate Trails” – using data and evidence from interviews with former pirates, government officials, bankers and others involved in countering piracy – investigates the flow of ransom money paid out to Somali pirates operating in the Indian Ocean. The study examines the reach of the pirates into the stimulant “khat” trade, human trafficking and other illegal activities that hinder development.
The report:

UPDATE: Why, yes, the post headline does read like something Ron Burgundy would say . . .

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