Piracy ransoms still legal

New Bill had raised concerns in shipping and insurance industries.

Paying piracy ransoms ‘still legal’

Stephen Spark

UK: A new Counter Terrorism and Security Bill, which was presented to the UK parliament on Wednesday, will not change current rules on piracy ransom payments, insurance industry experts and maritime lawyers believe.

The bill is a response to heightened concerns over radicalisation and threats from Islamic State. The government hopes it can be fast-tracked through parliament and enacted into law before the UK general election in May.

The bill aims to prevent insurers providing kidnap and ransom cover, and paying out on that cover, for ransoms that will finance terrorism.

To continue reading, please click here.

Source: ihsmaritime360.com