The Finnish DVD cover says the title for this is The Last Jaws, but the opening credits say it's The Last Shark. Be it as it may, the original Italian title is L'ultimo squalo. I'm sure this film has other names as well. It was banned in the US for being such a blatant rip-off of Spielberg's Jaws.
This epic falls not very neatly somewhere between a schlock horror thriller and a solid turkey. It's not as camp as it should be, nor as shocking as it should be, so it's pretty mediocre. Some very funny moments throughout, as the YouTube link shows (it's with Spanish dubbing). More Overlooked (is this "overlooked"?) Movies at Todd Mason's blog here.