Naval Response
No activity planned or implemented.
Industry Response
No activity planned or implemented.
Plight of Seafarers
No activity planned or implemented.
Messaging and Advocacy
No activity planned or implemented.
Regional Capacity
No activity planned or implemented.
Somali Capacity
No activity planned or implemented.
Rule of Law
FATF research discovered individuals facilitating the payment of ransoms are successful at avoiding bulk cash disclosures/declarations and/or suspicious transaction reporting to the financial intelligence units (FIU). Member-States have implemented FATF recommendations on preventative measures to combat money laundering and the financing of organized crime – terrorism, the mafia, and piracy. The recommendations include record keeping and controls of certain cash transactions. The FATF encourages targeted financial sanctions to disrupt the financial flow associated with piracy for ransom – e.g. track and seize assets, prevent pirates using international banking systems, prevent the use of cash carriers, and financial sanctions. Sanctions are authorized under UN Security Council Resolution 1844 (2008).
Coordination
The FATF is encouraged member-States to coordinate intelligence sharing, as 40-60% of the proceeds from Somalia piracy leave the country. FATF advocated a coordinated domestic anti-money laundering (AML) regime and close coordination between jurisdictions. Further, International law enforcement and individuals who facilitate ransom payments need to cooperate in information sharing.
