Report | May 13, 2024
Identifying EU nationals who profit from foreign illegal fishing activities: the importance of beneficial ownership transparency
Illegal, unreported and unregulated (IUU) fishing is a threat to fish stocks, coastal communities and those fishing legally. It also generates significant profits for those who orchestrate systematic and deliberate IUU fishing activities. Being able to identify who profits from fishing activities, in particular those who ultimately own or control a vessel, the “beneficial owner,” is a crucial component for the deterrence and prevention of IUU fishing. A lack of transparency in the global fisheries sector often allows beneficial owners to hide behind foreign flags ,complex ownership, and corporate structures to evade sanctions and scrutiny.