Illegal Fishing Spurs Billions In Losses For Developing Countries: Study

"Analysis finds global practice is a major driver of marine ecosystems’ destruction and is estimated to run up to $50bn".

"LIMA -- Developing countries are losing billions of dollars due to illegal, unreported and unregulated (IUU) fishing, which siphons off revenue through illicit financial flows, according to a new study by the Financial Transparency Coalition (FTC).

The study reveals that the top 10 companies involved in IUU fishing are responsible for nearly a quarter of all reported cases: eight are from China – led by Nasdaq-listed Pingtan Marine Enterprise Ltd – one is from Colombia and another from Spain.

The Spanish tuna giant Albacora SA emerges as Europe’s largest alleged IUU fishing company, claims the report by a coalition of 11 non-profit organisations.

“Illegal fishing is a massive industry directly threatening the livelihoods of millions of people across the world, especially [those] living in poor coastal communities in developing countries already affected by the Covid-19 pandemic, the cost-of-living crisis and the impact of climate change,” said Matti Kohonen, one of the report’s authors and the executive director of the FTC."

Dan Collyns reports for the Guardian October 26, 2022.

Source: Guardian, 10/27/2022