FATF, British Officials Should Take Tough Stance on Pirate Money Flows: UK House of Lords

By Larissa Bernardes

British lawmakers asked an influential intergovernmental organization and EU officials Wednesday to better cooperate in their attempts to reduce money laundering by Somali pirates and other criminals. In a 280-page report, the UK's House of Lords said that Somali piracy is growing problem that has recently increased in urgency. The lawmakers interviewed former officials of the Paris-based Financial Action Task Force (FATF) for the report, which focused on international anti-money laundering (AML) and counter-terrorism financing efforts. The intergovernmental group has yet to investigate how Somali pirates launder the ransoms paid them for the return of ships and cargo, according to...