Tackling Piracy Needs Onshore Focus

Ending Somali piracy requires a shift from reliance on security at sea to targeting those on land who enable the lucrative business to thrive, according to the World Bank

Tackling Somali piracy needs new onshore focus: World Bank

By Edmund Blair

MOGADISHU (Reuters) – Ending Somali piracy requires a shift from reliance on security at sea to targeting those on land who enable the lucrative business to thrive, according to the World Bank.

Although the number of attacks has markedly fallen since 2011 thanks to tougher security aboard ships and increased Western naval patrols, piracy emanating from the lawless Horn of Africa nation may still cost the world economy about $18 billion a year, the bank said in a report released on Thursday.

Pirates operate far beyond Somalia’s waters, disrupting shipping on global routes in the Indian Ocean and into the Red Sea. Since the first reported hijacking in 2005, 149 ships have been seized, raising total ransoms of $315 million-$385 million.

That is a fraction of the amount World Bank in its 218-page report estimates it costs the world economy from distortions to trade prompted by piracy. Other bodies give……[access full article]