"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."