Ultimate Beneficial Ownership in Fisheries: The Critical Need for Transparency in Vessel Ownership

Illegal, unreported and unregulated (IUU) fishing is a global crisis that continues to undermine marine ecosystems, distort markets and drain the global economy of billions of dollars each year.

More than one in five fish are stolen from the sea through these illicit practices. While these crimes occur on the water, the root of the problem often lies on land with the ultimate beneficial owner, or UBO — the individuals who control and profit most from these activities. A major barrier to enforcement is that these UBOs seldom appear on official records. Instead, they hide behind complex webs of shell companies and shifting flags, remaining insulated from the consequences of their vessels’ actions. Even when a ship is caught, those truly responsible often remain hidden.

In the fisheries sector, collecting and publishing UBO information — in line with applicable data protection and confidentiality frameworks — helps governments connect fishing vessels and licenses to the real people behind them.

UBO transparency is vital for preventing IUU fishing. It provides clarity on who holds licenses and operates fishing vessels to ensure effective management of access to exclusive economic zones and sanctioning unscrupulous operators. It also contributes to maintaining seafood supply chain integrity by enabling governments to detect and prevent products from these operators entering the market, so that consumers and retailers have confidence the seafood they purchase is sourced responsibly and complies with legal standards.

Global Fishing Watch works with governments and partners to advance the integration of UBO data into fisheries management systems worldwide. Transparency is the key to creating a fairer, more sustainable future for our oceans.