Sanctions
As of 1 April 2024, the Financial Intelligence Unit (FIU) becomes the authority in charge of the implementation of international and national sanctions.
For more information on sanctions implementation, visit the website www.sankcijas.fid.gov.lv.
- decide on the application of exemptions from international and national sanctions when issuing a permit for a transaction or activity;
- publish information about sanctioned persons, their frozen funds, and economic resources in Latvia;
- keep a sanctions search engine with information about persons on the United Nations and European Union sanctions lists;
- make decisions to freeze funds and economic resources of sanctioned persons;
- make decisions on revoking the freezing of funds and economic resources, whether based on its initiative or an application by the party affected, if international or national sanctions imposed against that party are lifted, or if the ownership or control of the sanctioned person changes, but the funds and economic resources have not been released;
- provide explanations, information, and training on sanctions implementation issues;
- share information with the European Commission and the competent authorities of the EU member states;
- receive and analyse the information that must be reported to the competent authority of a member state in accordance with the requirements of the sanctions regime, including information about the freezing of funds and economic resources in Latvia, information about funds or economic resources owned, held, or controlled by sanctioned persons in Latvia (self-reported), and other information.
The FIU`s competence in matters of sanctions implementation is determined by the December 8, 2023 amendments to the Law on International and National Sanctions of the Republic of Latvia, which entered into force on April 1, 2024. The changes are made to ensure that there is one initial point of contact and one main authority for sanctions implementation matters, thereby facilitating and simplifying communication between the private and public sectors.
At the same time, it should be taken into account that in some cases, other institutions decide on the applicability of exemptions from international or national sanctions:
- The Ministry of Foreign Affairs decides on the handling of goods regulated by the Law on the Circulation of Goods of Strategic Significance and on humanitarian exceptions;
- In specific matters related to national security, the Cabinet of Ministers, subject to a proposal by FIU, decides on the use of exemptions from international or national sanctions;
- Civil Aviation Agency and Harbor Master on exemptions from sanctions in aviation and maritime emergencies.
At the same time, the Financial Intelligence Unit retains its competence in the field of combatting circumvention of national and international sanctions, or attempts at circumventing financial restrictions, in the manner prescribed in the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing.