GLOBEFISH - Information and Analysis on World Fish Trade

The Fisheries Transparency Initiative (FiTI) - tBrief #3

08/09/2020

The Fisheries Transparency Initiative (FiTI) is a global multi-stakeholder partnership that seeks to increase transparency and participation in fisheries governance for the benefit of a more sustainable management of marine fisheries.

The complexity of the fisheries sector – characterised by often long supply chains, different jurisdictions and the possibility of registering vessels according to the convenience of the owner – makes it particularly vulnerable as a sector to the negative impacts of beneficial ownership secrecy. While international campaigns for improvements in transnational finance are gaining pace, progress in the fisheries sector is slow. 

Beneficial ownership transparency is also not just about countering crime. An often overlooked aspect is that beneficial ownership transparency is needed to ensure coherence with fisheries policies. This is particularly important in the context of restricted access in fisheries and where benefits of fisheries are designed to help with broader government policies, such as supporting domestic fisheries and local/national economic development.

In the third “transparency Brief” (or tBrief for short) FiTI explains the main aspects of beneficial ownership, highlights issues when the true identity of the beneficiary is kept hidden, and identifies obligations to enhance ownership transparency in fisheries.

 

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