UK piracy taskforce: Make sure Somali pirates don't get paid ransoms; $300M paid since 2008

A U.K.-led Piracy Ransom Task Force says the shipping industry must adopt additional measure to ensure that payments aren't made to pirates after a successful attack against ships.

The task force's final recommendations noted that more than $300 million has been paid to Somali pirates in ransom since 2008.

Successful piracy attacks off Somalia have dropped precipitously over the last year, mainly because of increased coordination from international navies and because ships are increasing their defenses, including the use of armed guards.

British Prime Minister David Cameron welcomed the task force's final findings, which were released late Tuesday. Cameron said the dramatic reduction in pirate activity over the last year shows how important collective action at seas is.