Beneficial ownership in the fishing sector and links to corruption

Complex corporate structures, while legal, and jurisdictions that allow or encourage the use of such mechanisms such as flags of convenience and financial secrecy jurisdictions, obscure the identity of beneficial owners in the fisheries sector. The lack of transparency, oversight, standardized rules, and enforcement around beneficial ownership facilitates corruption and complicates efforts to combat IUU fishing. Large-scale reforms are needed to regulate the use of complex company structures, improve transparency of ultimate beneficial owners, and prevent the exploitation of opaque jurisdictions and flag states that facilitate illegal fishing and associated crimes.