European Court of Justice Ruling is Major Blow to Fight Against Illegal Fishing: Africa
The European Court of Justice on November 22, 2022, made a ruling that reversed much of the progress we have made in a decade in the fight against corruption, economic and natural resource crimes, tax abuses and other forms of illicit financial flows across the world. In the ruling, the court declared invalid the part of the European Union's Anti Money Laundering Directive that allowed public access to registries about companies' beneficial owners .
The financial secrecy surrounding the owners of vessels is a key driver of IUU fishing as secrecy makes it harder to catch the real perpetrators of this illegal trade. In a report published by the Financial Transparency Coalition in October 2022, we discovered that among the top 10 operators of vessels reported to be engaged in this illicit practice, one was based in Spain while a total of 30 vessels were flagged to Italy, making it the highest European flag jurisdiction for IUU fishing.
This is a welcome present to owners of IUU fishing vessels who often use complex corporate structures to hide their identities and evade punishment. Underscoring this problem, in our investigation we found the individual shareholder data was only available for 16% of industrial and semi-industrial vessels engaged in IUU fishing.
The court's decisions rested on a narrow interpretation of the purpose of the beneficial ownership registry, limited to fighting money laundering and terrorist financing. Fishing related offences are not yet recognised as 'natural resource crimes' by the Financial Action Task Force , the global anti-money laundering regulator, while illegal logging and illegal wildlife trade related offences are already included in their definition of what constitutes money laundering.
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