“In the context of ransoms that could well reach over hundreds of millions of dollars, UK and US alternative livelihoods funding of US$5m and the Puntland [the northern Somalia piracy hub] national budget of around $17.6m is simply insufficient to deter future pirates,” according to the report released by the UN Office on Drugs and Crime during a piracy conference in Nairobi.
“This lack of alternative livelihoods opportunities within Somalia means that there are few opportunities presented to this generation of Somali youth,” states the report, adding that the best way to stem the growing crime of piracy is to interrupt the flow of its proceeds. In 2010 alone these amounted to more than $100m.
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