As of April 1, 2024 the Financial Intelligence Unit (FIU) is the competent authority in charge of the implementation of international and national sanctions. The competence of the FIU in matters of sanctions implementation is specified in the Law on International Sanctions and National Sanctions of the Republic of Latvia. In terms of sanctions implementation, the main functions of the FIU are:
- taking decisions on application of exemptions from international and national sanctions, by issuing an authorisation for a transaction or activity*;
- publishing information on sanctioned persons, whose funds and economic resources are frozen in Latvia;
- maintaining a Sanctions Lists Search tool which provides information on persons listed in the United Nations and the European Union (EU) sanctions lists;
- taking decisions on freezing of funds and economic resources of sanctioned persons;
- taking decisions on the release of funds and economic resources from asset freezing, based on its own initiative or an application by the person affected, if international or national sanctions imposed against that party are lifted or if there are changes in ownership or control of the sanctioned person, but the funds and economic resources have not been released from asset freezing;
- providing explanations and carrying out informational activities and training on topics related to sanctions implementation;
- exchanging information with the European Commission and the competent authorities of other EU Member States;
- receiving and analysing information reported to the competent authority in accordance with the laws and regulation governing sanctions, including information on the freezing of funds and economic resources in Latvia, information on funds and economic resources belonging to, owned, held or controlled by sanctioned persons in Latvia (self-declarations), and other information.
At the same time, the FIU retains its competence in the field of combatting circumvention or attempts of circumvention of national and international sanctions, in accordance with the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing.
*In some cases, other authorities take decisions on the application of exemptions to international or national sanctions:
- the Ministry of Foreign Affairs takes decisions in relation to activities involving goods the circulation of which is governed by the Law on the Circulation of Goods of Strategic Significance and exceptional cases related to humanitarian considerations;
- the Civil Aviation Agency takes decisions on exemptions to sanctions in emergency situations in the field of aviation;
- a harbour master takes decisions on exemptions to sanctions in emergency situations in the field of shipping;
- the Cabinet of Ministers takes decisions on application of exemptions to sanctions in special matters related to national security, on the basis of a suggestion made by the FIU.