Report | January 24, 2025
Why transparency matters: Exposing EU ownership of high-risk fishing vessels in Guinea-Bissau
Fishing is a EUR 144 billion global industry, accounting for 15% of the world’s protein intake. Currently, reported fish catches are approximately 90 million tons annually, and the most recent estimates indicate that the annual volume of fish caught illegally could reach up to 26 million tons. Illegal fishing is particularly prevalent in regions with weak environmental regulations, with limited monitoring and control of national waters. This practice is driven by the high value of certain fish species, the lack of enforcement of fishing regulations, and legal loopholes that allow vessel owners to easily register their vessels to other countries. It damages the ocean’s ecosystems, threatens global food security, is often linked to human rights violations, undercuts the global economy, and creates unfair competition for legal fishers.
The EU IUU Regulation aims to ensure that illegally caught fish cannot enter the EU market.5 Its provisions prohibit EU nationals (both individuals and companies) from supporting or engaging in IUU fishing, including as a beneficial owner: the individual or entity who ultimately owns, controls, and profits from the fishing operations.a It also bans EU nationals from owning, managing, or operating vessels flagged to non-EU countries that have been deemed to be uncooperative under the EU carding system, which allows the EU to issue sanctions in the form of seafood trade bans to non-EU countries that fail to tackle IUU fishing. Additionally, Member States are required to implement measures to identify, sanction, and prevent their nationals from participating in these activities.
