Somalia

World Bank: On-Shore Financiers of Somali Piracy Have to be Targeted

Pirate attacks have fallen since 2011

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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.