National Competent Authorities
The Financial Intelligence Unit (FIU) is the national competent authority for sanctions in Latvia.
Legislation
Law on International and National Sanctions of the Republic of Latvia (“Sanctions Act”)
Regulations on the “procedure for initiation and execution of international and national sanctions”
Sanctions Lists
Guidance
FIU – Frequently Asked Questions
List of persons whose assets have been frozen in Latvia (portal)
Licensing
In order to obtain a licence from sanctions in Latvia, persons should submit a written application to the FIU outlining information on the transaction, the applicable sanctions regulation, and an explanation of how the proposed activity complies with the grounds for exceptions in the relevant sanctions regulation.
The FIU may request a report by an independent auditor on whether a licence should be granted based upon criteria issued by the FIU. For example, where the licence is requested on the basis of basic needs, an independent report may be requested by the FIU on whether the proposed activity is necessary to meet basic needs.
The decision to refuse a licence may be challenged by submitting an application to the Head of the FIU pursuant to Article 10 of the Sanctions Act.
Reporting
Under Article 12 of the Sanctions Act any individual or entity in Latvia is obliged immediately to inform the FIU about the freezing or unfreezing of funds or economic resources in the EU.
Under Article 17 of the Sanctions Act any persons under supervision of the supervisory institutions referred to in Article 13 must report no later than the next working day the violation of sanctions or its attempt and the funds frozen as a result using the goAML system.
