Pirates operating off the Horn of Africa netted more than $400m (£251m) in ransom money between 2005 and 2012, a new World Bank and UN report says.
It says the financiers behind the piracy, and not the pirates themselves, collect most of the cash.
The money is then used to fund other criminal operations, including arms and human trafficking.
The report calls for a financial task force to root out the money laundering networks.
Its key findings suggest that financial kingpins collect 30%-50% of the total ransom, with what it calls the “foot soldiers” only getting a standard fee.
This amounts to $30,000 to $75,000 per ship, or just 0.01% to 0.025% of an average ransom payment.
The report says the local community in Somalia “provides goods and services to pirates, including food, repair services and khat”.
Khat is a legal stimulant in Somalia.
Source: BBC
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