Illegal, Unreported and Unregulated (IUU) or "pirate" fishing occurs in virtually all fisheries. Being essentially a clandestine activity, the global extent of IUU fishing is extremely difficult to accurately assess, though it is widely believed to account for a significant proportion of global catches. IUU fishing is rife in many important fisheries. In the Baltic Sea, for example, ICES - the organisation that coordinates and promotes marine research in the North Atlantic - estimate IUU catches amounted to around 40% of the cod catch between 2000 and 2003. The Commission for the Conservation of Southern Bluefin Tuna (CCSBT), the body responsible for managing the fishery for this critically endangered species, estimates IUU fishing amounts to about 33% of its reported catches.
With a single bluefin tuna fish selling for in excess of US$100,000 on the Japanese sashimi market, there is a massive incentive for unscrupulous companies to cash in on the vast profits to be made from illegal fishing. A recent report commissioned by the UK Department for International Development estimated that the total annual value of IUU fishing worldwide (for the years 2003-2005) is between US$2.4bn and US$9.5bn.
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