The European Union has sanctioned Panama, with a yellow card for not making sufficient efforts to eradicate illegal, unreported or regulated fishing.

The action by the  EU  Directorate-General for Maritime Affairs and Fisheries (DG Mare is a serious warning for the country to take action, before a red card is imposed  which would prohibit  the entry of Panamanian fishery producers to all of Europe

Failure to comply with the parameters of the European Union puts exports of seafood to this destination are at risk, warned Arnulfo Franco, executive director of the International Fisheries Foundation (Fipesca), a group founded in 2005 for the development of responsible fishing in the oceans.

Flor Torrijos, administrator of the Aquatic Resources Authority of Panama (ARAP), told La Prensa that in the last five months Panama has made adjustments, so they will request a new audit from DG Mare before the end of the first semester of 2020.

"Panama has a firm commitment to combat illegal fishing not declared and unregulated," said the official.

Every year, illegal, unreported and unregulated fishing totals catches in the world for about 26 million tons of seafood, with a value of up to $23 billion, according to a study by the Organization of the United Nations for Food and Agriculture (FAO).

Tuna, cod, and shark are the most vulnerable species with this type of illegal fishing practices, due to their high commercial value in international markets.