Laundering of Payments by Sea Pirates

Kidnap for ransom payments made to pirates in Somalia are difficult to track due to the payments being made in cash, according to the BBC. An estimated $80 million in ransom payments are believed to have been laundered by organized crime syndicates in the Gulf region, but this has been denied by Gulf authorities.

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Number of Kidnapping For Ransom in Venezuela in 2009

According to official statistics, there has been 166 kidnapping for ransom in Venezuela in 2009. However, as many cases are not reported, the number of kidnappings are estimated to be up to four times higher. Poor families are forced to give up possessions, such as refrigerator, in order to pay the ransom.

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Somali Pirates Made $50 Million in 2008 From Ransom Payments

The Somali Pirates who hold ships for ransom off the coast of Somalia are reported to have made up to 50 million dollars last year in ransom payments. According to a report in the Washington Post, those pirates who are able to get paid are living a life of luxury in the poverty stricken country.

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