Global Efforts to Prevent Financial Crime in Somalia Yield Progress

A Decline in Piracy Attacks

Despite decades of internal conflict and instability, Somalia has made significant strides in combating financial crime, particularly piracy. The current government’s efforts, combined with international support, have led to a notable decrease in piracy incidents since 2011.

Key Statistics:

• Between 2015 and 2020, Somali pirates attacked just 14 vessels.
• This is down from hundreds of attacks in previous years.
• The UN Security Council reported no successful piracy attacks off the coast of Somalia last year.

Joint Counter-Piracy Efforts

The decline in piracy incidents can be attributed to a joint counter-piracy effort, which includes:

• Development of a revised maritime resource and security strategy by Somalia’s Maritime Directorate
• Improvement of law enforcement agencies
• Mapping of all maritime activities, including international support

Impact on the Economy and Humanitarian Crisis

Piracy has had a devastating impact on Somalia’s economy, with estimated annual costs ranging from $7 to 12 billion. Attacks on food aid have exacerbated the country’s humanitarian crisis, particularly during times of drought.

Effects of Piracy:

• Estimated annual costs: $7-12 billion
• Attacks on food aid exacerbate humanitarian crisis

International Support and Cooperation

International support has played a crucial role in combating piracy in Somalia. The presence of foreign military bases in Djibouti, including those from the US, France, and China, has contributed to the slowdown of piracy in the area.

Key Players:

• US
• France
• China
• Other international partners

Challenges Ahead

While progress has been made, there are still challenges ahead for Somalia. The country’s economy remains fragile, and instability could breed chaos and cause a resurgence in pirate activity.

Future Concerns:

• Fragile economy
• Instability
• Potential resurgence of pirate activity