Focus Group Insights on IUU Fishing and Banking

This white paper documents the findings from a focus group hosted by Quantifind on July 16, 2024, addressing the role of banks in combating Illegal, Unreported, and Unregulated (IUU) Fishing. The session brought together various ecosystem partners to discuss how financial institutions can enhance their contributions to the fight against IUU fishing. Participants shared best practices and operational strategies for internal reviews and risk mitigation. The paper outlines the motivations of banks, which often prioritize other risks over IUU fishing due to bandwidth constraints and varying levels of awareness. Recommendations include linking IUU fishing to broader risks, improving technical capabilities for identifying beneficiaries, and engaging bank leadership. The document also emphasizes the importance of collaboration between banks and law enforcement, detailing a linear tip generation pipeline for effective data sharing. Additionally, it identifies potential red flags in bank data that could indicate illegal fishing activities, highlighting the need for enhanced data connectivity and sharing among stakeholders.