Experts on sanctions from the Ministry of Foreign Affairs have produced guidelines providing a comprehensive information on how to ensure an effective implementation of sanctions in Latvia.
The guidelines compile the best practices of compliance with sanctions and monitoring thereof and examine all sanctions regimes legally binding in Latvia: those imposed by the United Nations, the European Union, the U.S. Department of Treasury, and the national sanctions of the Republic of Latvia. Issues such as the inclusion of persons in the sanctions lists and their delisting, the application of exemptions and identification of persons have been explained.
In addition, the guidelines explain the need for risk assessment with regard to all subjects of the law, including things to be taken into account to deliver on the obligation of establishing internal control systems for compliance with sanctions and risk management as laid down in the Law On International Sanctions and National Sanctions of the Republic of Latvia.
The said material has been produced in line with recommendations contained in the Moneyval report and pursuant to the Cabinet Order No 512 of 11 October 2018, “On the Plan of Action on the prevention of money laundering and terrorism financing for the period until 31 December 2019”.
On 11 March 2019 at 10.00, the Ministry of Foreign Affairs will host another sanctions-related seminar for businesses, at which the guidelines will be presented.