Economics Studies

Research by the Financial Transparency Coalition (FTC) released at the end of October 2022 showed that states are losing up to 50 billion US Dollars per year to the trade, with almost half of all vessels involved in illegal, unreported, and unregulated (IUU) fishing plundering African waters.

The massive ecological damage of IUU fishing has made headlines in recent years, but the report’s authors say they believe by focusing on the financial aspect of the practice, governments will have more incentive to deal with the issue.

“Until now, IUU fishing has been seen mostly as an environmental issue and a food security issue. But what we’re trying to do, almost for the first time, is to show that this is a serious financial issue, that countries are losing billions of dollars because of IUU fishing, so the issue moves from fisheries ministries to finance ministries,” Alfonso Daniels, lead author of the report, told IPS.

“Fisheries organisations are beginning to recognise that this is a financial issue, of money lost to illicit financial flows. Once this is established, there will be more incentive for countries to act because they are losing money,” he said.

The ecological damage of IUU fishing has been widely documented. The UN has warned that more than 90% of global fishing stocks are fully exploited, overexploited or depleted, describing the situation as an ‘ocean emergency’.  IUU fishing is a key contributor to overfishing, accounting for as much as one-fifth of global fisheries catches.