FIU Latvia highlights the importance of cooperation in sanctions implementation at international forum

In the panel discussion “From Lists to Leverage: Why Sanctions Compliance still Fails and what can we do about it”, experts discussed the increasing complexity of sanctions implementation, including sanctions circumvention risks, the role of international cooperation and the importance of timely information exchange between the public and private sectors. The discussion underlined that identifying sanctions evasion does not mean that sanctions are failing, but rather reflects active implementation, supervision and coordinated action by competent authorities and international partners.

In the panel discussion “Compliance vs Complexity: Are We Solving Problems or Creating Them?”, experts addressed broader compliance developments, including the role of risk-based approaches, high-quality suspicious transaction reports, technology and human judgement in effective financial intelligence work. The discussion highlighted that compliance is becoming increasingly strategic and should support institutions in understanding and managing risks, while also contributing to the protection of the integrity of the financial system.

Since April 2024, FIU Latvia has been the national competent authority for sanctions implementation in Latvia, working with Latvian and international partners to strengthen the effectiveness of sanctions.