This briefing provides an update on the mercenary industry, detailing the latest developments in the murky world of these ‘guns for hire’. UK companies continue to dominate the industry, and can be found at the forefront both in the conflict zones of the ‘war on terror’ and in the expansion to Africa and the high seas. The use of private armies by governments and corporations was previously an exception. It is now becoming the norm, as states and companies seek to evade responsibility for the use of violent and often deadly force. The industry will continue to grow unchecked unless it is brought under control. Voluntary codes like the 2010 International Code of Conduct for Private Security Service Providers (ICoC) are not the answer to the culture of impunity that PMSCs enjoy. Such codes are used by companies to legitimise existing industry practice and to block the introduction of legally binding regulation.