Tag: ransom

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West African waters most dangerous for piracy attacks, IMB says

ICC published a report on piracy and armed robbery in the timeframe from January 1 to June 30, 2019. Based on the report, the seas circling West Africa are the most dangerous for piracy, as of the 75 seafarers taken hostage onboard or kidnapped for ransom worldwide so far this year, 62 were captured in the Gulf of Guinea – off the coasts of Nigeria, Guinea, Togo, Benin and Cameroon. 

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Tracking the illicit financial flows from piracy

Ransoms Total Over US$339 Million, Says new research Image credit: World Bank A new study traces the flow of more than US$400 million in ransom money from the hijacking of ships in the Indian Ocean and calls for coordinated international action to address the isue.A new study, entitled as ''Pirate Trails'' sheds lights to the illicit financial flows from pirate activities off the Horn of Africa and unveils that 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 the last seven years (2012 -2005). The new report has been recently released by theWorld Bank, theUNODC, andINTERPOL and hasused 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. Tracing a pattern that it calls "the pirate money model," the study analyzes the investments made by a sample of 59 pirate "financiers" to reveal the range of sectors - including ...

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