January 18, 2023
Dow Jones Risk & Compliance adds IUU data to help companies avoid doing business with illegal fishing vessels, with Oceana’s support
Dow Jones Risk & Compliance, a world provider of risk data, technology solutions, and due diligence services, has integrated the EU List of Illegal, Unreported and Unregulated (IUU) Vessels into its risk data set with support from Oceana, the largest international organisation solely dedicated to ocean conservation. Dow Jones clients will now be able to screen for vessels that are on official illegal fishing vessel lists, to help them comply with their Anti-Bribery and Corruption, Anti-Money Laundering and Know-Your-Customer regulations.
Joel Lange, general manager of Dow Jones Risk & Compliance, says: “IUU fishing represents a growing regulatory and reputational risk for businesses and is often also an indicator of other organised crime such as money laundering, sanctions evasion and modern slavery. Screening for illegal fishing and related risks as part of the third-party due diligence process is an important step in tackling this global issue.”
Pascale Moehrle, Executive Director of Oceana in Europe, says: “We commend Dow Jones Risk & Compliance for its measures to tackle illegal fishing. By integrating the official illegal fishing vessel lists in their risk screening processes, their clients will be able to avoid being associated with these illegalities. To stop illegal fishing it is crucial that businesses, authorities and the fishing sector themselves increase due diligence – and become more transparent by disclosing information on fishing activities and vessel ownership.
Illegal fishing is one of the greatest threats to sustainable fisheries and marine ecosystems and is frequently associated with additional organised and financial crimes. Along with a lack of control at sea and enforcement capacity, poor transparency standards in the fishing industry often allow illegal fishers to go undetected and face low sanction risks. Companies that offer services to the fishing sector can contribute significantly to tackling this problem.
Illicit operators rely on a network of businesses that repair or maintain vessels afloat or that provide fuel, logistical support, crews, satellite communications, and classification or statutory services. By limiting their services strictly to legitimate operators, companies can reduce their risks of non-compliance with national and international laws, can curtail financial losses, and can avoid association with environmental crimes, reputational damage and, in some cases, human rights abuses. Such action will also make it more difficult for illicit operators to continue their illegalities.
For more than 20 years, Dow Jones Risk & Compliance has provided regulated entities with the data they need to stay compliant with anti-money laundering, counter-terrorism financing, sanctions, anti-bribery and corruption and international trade regulation. The addition of the EU IUU vessel list to Dow Jones’s risk database will help businesses avoid providing services to unscrupulous fishers and illegal vessels.