This report, Money Laundering and the Financing of Terrorism (HL Paper 132-I) , calls on the UK Government to investigate how piracy and laundering the proceeds of crime contribute to the financing of terrorism. The Committee sets out a number of conclusions and recommendations, including: the Government is complacent regarding the possibility of a link between piracy and terrorism. Shipowners putting together ransom money must seek consent for the payment and disclose how much is being paid, to whom, and where. The fight against money laundering depends on banks and others providing reports of suspicious activities to the Serious Organised Crime Agency (SOCA). 200,000 entries are made on SOCA’s ELMER database each year, there are now 1.5 million entries, and most are kept for 10 years even where there is no evidence that the suspicious activity was criminal. The Information Commissioner must investigate this. The Committee considers the cost and resource impact on banks and others in the private sector in making Suspicious Activity Reports (SARs) and the lack of feedback about their effectiveness. States must share information about the movement of money, especially information about suspicious bank accounts. The Warsaw Convention on Money Laundering and Terrorist Financing is the first comprehensive international treaty covering both the prevention of money laundering and the financing of terrorism. However, the UK has yet to sign the Convention, let alone ratify it. The Committee believe this is indefensible. They call on Ministers to set an urgent timetable for signature and ratification. The Committee also criticise the failure to implement the EU Framework Decision on mutual recognition of confiscation orders. The accompanying Money Laundering and the Financing of Terrorism - Volume II: Evidence (HL Paper 132-II) (ISBN 9780108444692) is available to buy separately.