Ransom money laundered by pirates affects stability in the Horn of Africa, says UNODC chief
Source:
UN Office on Drugs and Crime
Country:
Somalia, Djibouti, Ethiopia, Kenya
22 February 2012 - In 2011, pirates made some $170 million in ransom money for hijacked vessels and their crews. That figure represents an increase since 2010, when ransoms paid amounted to over $110 million, according to UNODC.
Ransom money is increasingly flowing into the legal financial system, while the laundering of the proceeds of piracy is causing consumer prices to rise steeply in the Horn of Africa and the surrounding area.
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