Despite the continuous efforts of CCAMLR to fight Illegal, Unregulated and Unreported (IUU) fishing, there remains evidence of IUU activities in the Convention area. This paper is the executive summary of a recent, soon to be published report produced by TRAFFIC International in conjunction with WWF Australia that presents a trade-based assessment of toothfish catch for the period of 2003-2007 with a view to provide an indication of the extent of the IUU catch. The report highlights that in the period 2004 to 2007 the percentage of trade represented by IUU catch is estimated to average 17%, compared to CCAMLR’s average estimate of 10% of total landings. This suggests that CCAMLR may be underestimating IUU catch by more than 50% annually. This analysis reinforces the need for ongoing vigilance by CCAMLR to address IUU fishing, to use all available sources of information to maximise the accuracy of estimates of IUU catch and to continue to improve the current MCS measures in order to minimise opportunities for IUU toothfish to find a market. The report also provides a series of recommendation that the commission may wish to consider.