Originally Posted by Chris V

I want to add that gutting is important but do it AFTER you bleed it. The waste compounds like ammonia, urea and others are stored in the sharks bloodstream for water balance. When they are gutted, the shark obviously dies faster and blood flow ceases. The best thing to do is keep the shark in the water and make a deep cut near the caudal peduncle that severs the spinal cord and the main artery BUT DOES NOT cut the tail completely off. The reason you do not want to cut it off is for measurement purposes in case a game warden checks you. Keep the shark in the water and let him breathe properly. After a few minutes the blood will clot and you will have to make another cut. Repeat this process as needed (usually you only have to re-cut once) and the shark will get a "sunk-in" look. Within 8-10 minutes he will pump himself completely dry. At this point you want to gut and ice down to remove any excess blood and waste. When you clean it, there will be almost zero blood present and no ammonia smell. You can still marinate the steaks in whatever you like but will not have to do so to get rid of any smell or taste.

My favorite marinade is a wasabi-ginger finishing sauce that you can get at most seafood markets. I don't remember the brand but it comes in a tall black bottle. I could eat that stuff alone for a meal and it works very well with shark steaks.