Assessment of asset forfeiture in targeting Somali piracy ransoms

Constance Gikonyo

Journal of Money Laundering Control, 2018, vol. 21, issue 4, 534-544

Abstract: Purpose - The purpose of this paper is to consider the applicability and challenges of using asset forfeiture mechanisms in taking away the illicit gains of Somali piracy for ransoms. Design/methodology/approach - The paper presents a desk research on the issue. It is based on analysis of the key principles in the area and relevant literature on the subject. Findings - Asset forfeiture mechanisms can be used to facilitate the seizure of Somali piracy proceeds. It is applicable to those who directly or indirectly benefited from piracy: the foot soldiers, financiers and other beneficiaries. This would enable withdrawal of piracy re-investment capital and hence may act as a disincentive for current and prospective offenders. Research limitations/implications - For the initiative to work, various states and other actors need to cooperate. However, incentives such as corruption, the personal interests of individuals and states that have benefited from Somali piracy, may make them unwilling to collaborate. This would definitely hinder the implementation and effectiveness of using asset forfeiture. Originality/value - Much of the literature on Somali piracy for ransoms has focussed on maritime solutions. Further, authors and organisations have advocated for following the money trail. As a result, consideration of the benefits and challenges of doing so needs to be done. This paper seeks to fill this gap.

Keywords: Piracy; Asset forfeiture; Somali (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-09-2017-0053

DOI: 10.1108/JMLC-09-2017-0053

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