Piracy and Money Laundering

Anja P. Jakobi explores the possibilities of combatting money laundering as a means against piracy off the coast of Somalia

The international community is exploring means against the increasing piracy off the coast of Somalia. One of the most discussed options is a general refusal of paying any ransom in case of kidnappings driven by the assumption that on the long run the incentive for any pirate attacks will be reduced. But herein lies the danger of losing ships and freight to the pirates and even worse, the loss of lives.

In the long term only the establishement of the rule of law and the development of a civil society will prevent piracy in the future. A third option comes into play in order to successfully fight piracy in the short and medium term: the fight against money laundering.

In her newest Standpunkt-essay "Piraterie und Geldwäsche - Geldwäschebekämpfung als möglicher Ansatz gegen Piraterie in Somalia" (Piracy and Money Laundering - The Fight against Monay Laundering as a Possible Approach against Piracy in Somalia) Anja P. Jakobi presents the current efforts of the international community against money laundering within transnational organised crime and she discusses whether and how this instrument can be used efficently against piracy.

The Standpunkt is available as download.