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

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.

Who benefits from the proceeds of piracy?

• Pirate Financiers stand in the middle of the piracy network. They are " The Money Kingpins", Investors and Beneficiaries of the piracy business. On average, they collect from 30 to 50 % of total ransom, working individually or as a group.
• Low Level Pirates, "The Foot Soldiers", typically receive a standard fee of US $ 30,000 to 75,000 per ship, which only amounts to 0.01% - 0.025% of an average ransom payment.
• The local community provides goods and services to pirates, including food, repair services and khat which is a legal drug in Somalia. READ HERE