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Created: 31 October 2007

The ICC International Maritime Bureau (IMB) is reporting a sudden increase in piracy and hijackings off the Somali coast. The IMB Piracy Reporting Centre (PRC) has tracked at least three significant acts of piracy in the second half of October.

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Created: 23 October 2007

Found guilty of defrauding over $170 million from thousands of investors, four operators of the fictitious First International Bank of Grenada are now facing jail time and millions of dollars in fines.

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Created: 14 October 2007

Piracy and armed robbery attacks against ships rose 14% in the first nine months of the year compared to the same period in 2006, the second consecutive quarterly increase in attacks, as the coastal waters off Nigeria and Somalia became ever more dangerous, the International Maritime Bureau (IMB) reported today.

In the first nine months of the year, 198 attacks were reported versus 174 attacks reported in 2006 during the same time frame. A total of 15 vessels were hijacked, 172 crewmembers were taken hostage, 63 were kidnapped, and 21 were assaulted. If this trend continues, the decline in piracy attacks begun in 2004 will have bottomed out. Crew assaults, kidnapping and ransom rose dramatically from 2006.

Somalia remains a hotspot of great concern, with 26 incidents reported so far this year against eight the year before. This represents one of the highest numbers of attacks ever reported off the coast of this East African country, and highlights a blatant disregard for the law. Ransom demanded by the captors of hijacked ships are considerably higher than previously, noted IMB Director Pottengal Mukundan.

The IMB backs an initiative by the International Maritime Organizations to refer the situation to the UN Security Council, and sees this as a much-needed initiative to reduce acts of piracy and armed robbery.

Attacks have also risen sharply in Nigerian waters, with 26 incidents reported to the IMB compared to 9 during the corresponding period in 2006. Criminal groups claimed to have political motives for the theft and abduction of crewmembers. Nigeria has set up a Maritime Guard Command to help increase safety and security along the country’s coastline.

Tanzania also reported a steep increase in incidents, nine versus four the year before, as pirates boarded vessels well out to sea and broke open containers on deck.

While waters off the coast of Africa remain the most dangerous, the Malacca Straits offshore Indonesia continues to report a decline in attacks, due in large measure to cooperation among states bordering these waters and stepped-up efforts by the Indonesian authorities. Thailand has also recently stated its willingness to patrol the Straits of Malacca.

The IMB Piracy Reporting Centre (PRC) is the only organization of its kind anywhere in the world, offering ship masters the ability to report attacks of piracy from any location at any time. In addition to compiling reports and issuing warnings PRC provides emergency advice to ships under attack and coordinates medical assistance and support through local authorities.

Through analyzing developments, the report can identify piracy-prone areas so that ships can take preventive action and law enforcement can intervene.The report is available on a trial basis free of charge at http://www.icc-ccs.org/main/publication.php

IMB is part of the International Chamber of Commerce.

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Created: 03 October 2007

The ICC's financial watchdog the Financial Investigation Bureau (FIB) is alerting banks and the investment community about the recent widespread circulation of a false Proof of Funds letter.