Illegal fishing spurs billions in losses for developing countries, study says

Illegal fishing spurs billions in losses for developing countries, study says

By Dan Collyns

Source: theguardian

10/26/2022

Credit: Argentina's Navy Press Office/AFP/Getty Images

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.

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