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A REPORT from the UN and the World Bank has estimated that piracy off the Horn of Africa resulted in payment of more than $400M in ransoms over 2005-12.
Those financing the pirates pocket most of these ransoms, said the study, reported over the weekend by the BBC.
The proceeds then pay for arms smuggling, human trafficking and other criminal operations. Tracing these laundering ties is vital, said the report.
It found that ransoms rose to an average of $5.04M in 2011, from $3.67M in 2010.
But pirate raiders themselves end up trousering just fees of $30,000-75,000 per ship, according to the study, which also said Somalian communities provide “goods and services to pirates, including food, repair services and khat".
"Unchallenged piracy is not only a menace to stability and security, but it also has the power to corrupt the regional and international economy," said co-author Stuart Yikona.