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Pirate Trails : Tracking the Illicit Financial Flows from Pirate Activities off the Horn of Africa

Author

Listed:
  • World Bank
  • United Nations Office on Drugs and Crime
  • Interpol

Abstract

It is estimated that US$339 million to US$413 million was claimed in ransoms between April 2005 and December 2012 for pirate acts off the Horn of Africa. Twenty-first century piracy in this region has developed as a violent criminal act, which not only affects the victims but also has an impact on the region and the global economy. Chapter two describes the context and audience for the study; explains the study's methodological framework, including information on what data sources were available; and identifies the challenges in undertaking the study. Chapter three provides background on the issues of pirate activities off the coast of Somalia and the Horn of Africa, and defines the problem of piracy and its origins. Section two then focuses on understanding the financial flows with respect to piracy activities. Chapter four looks at the ransoms paid to pirates, starting with negotiations of the ransoms and the volume of money involved. Then chapter five focuses on the distribution of proceeds from piracy to the various actors involved in supporting or carrying out pirate activities. Chapter six explores the ways in which proceeds are moved in and out of Somalia. Chapter seven looks at how the financiers invest their proceeds. Following this analysis, chapter eight focuses specifically on investment by piracy financiers in the khat business and real estate. In the final section three, chapter nine of the study concludes with suggested areas for policy and operational engagement within the region and beyond.

Suggested Citation

  • World Bank & United Nations Office on Drugs and Crime & Interpol, 2013. "Pirate Trails : Tracking the Illicit Financial Flows from Pirate Activities off the Horn of Africa," World Bank Publications - Books, The World Bank Group, number 16196.
  • Handle: RePEc:wbk:wbpubs:16196
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/16196/81232.pdf?sequence=1
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    Citations

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    Cited by:

    1. Justin V Hastings & Sarah G Phillips & David Ubilava & Andrey Vasnev, 2022. "Price Transmission in Conflict-Affected States: Evidence from Cereal Markets of Somalia," Journal of African Economies, Centre for the Study of African Economies, vol. 31(3), pages 272-291.
    2. Farah Robleh Hamza & Jean-Philippe Priotti, 2020. "Maritime trade and piracy in the Gulf of Aden and the Indian Ocean (1994–2017)," Journal of Transportation Security, Springer, vol. 13(3), pages 141-158, December.
    3. Tabea Scharrer, 2023. "Of Mukhalas and Magafe: Somali Migrants Navigating the Dangers of Ransom Smuggling in Northern Africa," The ANNALS of the American Academy of Political and Social Science, , vol. 709(1), pages 86-104, September.
    4. Thomas Gries & Margarete Redlin, 2014. "Maritime Piracy: Socio-Economic, Political, and Institutional Determinants," Working Papers CIE 75, Paderborn University, CIE Center for International Economics.

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