SOMALI PIRACY AND THE SPECTRE OF MONEY LAUNDERING
February 1st, 2010
BY PAUL COCHRANE
PIRACY has increased exponentially off the coast of Somalia in recent years, with ships hijacked deep into international waters despite the presence of a multi-national naval task force, and pirates demanding ever higher ransoms from shipping companies. But while the spoils of piracy are evident in coastal Somali towns, tracking down where the remaining millions of dollars disappear to is hard to pin down, with allegations circulating of ransom money entering the real estate markets of Kenya, to money laundering in Yemen and Dubai.
Over the ...
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