Yes they still exist near "Failed / Lawless States" or country with rampant corruption.
Usually the pirates pay bribes to local Police or Navy officers.
Modern ships need only small number of sailors, therefore prone to pirate attacks.
For modern pirates, it's more profitable to take hostages and ask for huge ransom from the owner.
Report from The International Maritime Bureau (London):
http://www.iccwbo.org/id4948/index.html
