Illegal fishing is hard to spot, it doesn’t have to be.
Despite the UK’s leadership in maritime governance and its progress on matters of corporate regulation and transparency, the UK still lacks a robust system for publicly identifying the ultimate beneficial ownership for commercial vessels that are subject to its jurisdiction.
In practice, that means a vessel can be licensed, registered, and actively fishing in our waters without a publicly accessible record of who owns it.
In this system, shell companies, cross-border ownership chains, and regulatory gaps make it possible for the real beneficiaries of UK fishing — potentially even those behind illegal, unreported and unregulated (IUU) activity — to evade scrutiny. More must be done to hold anonymous profiteers of environmental degradation, forced labour, and transnational crime to account.
The solution is simple: strengthen the collection and public disclosure of beneficial ownership data. The UK already has one of the world's more advanced corporate transparency regimes. Tackling fisheries crime will level the playing field for law-abiding fishers and safeguard the UK’s economic and security interests in line with the 2025 Anti-Corruption Strategy.
Across 76% of UK-flagged or quota-holding commercial vessels sampled, the ultimate beneficial owner (UBO) was either difficult or impossible to determine.
Data was downloaded in March 2025 from the Companies House register and other relevant data sources, with the methodology detailed in the report. The dataset reflects registry information available as of that time. While data on the relevant registers changes over time, no major regulatory changes affecting disclosure requirements occurred during this period.
Whose boat is this?
Ultimate Beneficial Ownership in UK Fishing
Policy recommendations
The UK Government must urgently implement the following measures:
Lower the threshold
Reduce UBO disclosure from 25% to 10% or less for commercial fishing, in line with international extractive industries standards.
Mandate disclosure
Require beneficial ownership at the point of vessel registration and fishing licence application.
Build a public register
A centralised, searchable UBO register for all vessels licensed to fish by the UK government.
Strengthen Companies House verification
Enforce identity verification and link shareholder data to the PSC register.
Deny access
Exclude vessels with hidden or criminal ownership from UK waters.
Lead globally
Champion UBO transparency through RFMOs and international fora.
Identifying the owner
How fishing vessel ownership can obscure the ultimate beneficial owner (UBO)
Tackling transparency around the globe
The UK has the tools it needs to cement its leadership in fisheries transparency.
Companies House already collects beneficial ownership data for businesses — and the Economic Crime and Corporate Transparency Act of 2023 gave it additional verification powers. Last year’s Anti-Corruption Strategy recognised the importance of UBO. What’s missing now is the political will to apply these tools to the fishing industry.
Six straightforward reforms would close the gap. This is a question of priority, not capacity. If they choose to, the UK can lead the way against IUU fishing and toward a more sustainable, humane, and just future for fisheries around the world.
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