Latvian businesses brought up to speed on sanctions compliance

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On 11 March 2019, the Ministry of Foreign Affairs hosted a public seminar for lawyers and supervisory authorities titled “Sanctions in Latvia: Application and Compliance,” the ministry said in a release.

The seminar was moderated by the expert on sanctions at the Legal Department of the Ministry of Foreign Affairs, Elīza Grīsle, who explained the nature of sanctions and provided information on the existing sanctions regimes and their types.

The seminar featured a presentation on informational material (guidelines) for an effective compliance with sanctions in Latvia, published on 8 March. The document in Latvian is accessible on the new “Informatīvie materiāli” (Informative Materials) page of “Sanctions” section of the MFA website. 

The guidelines provide information on how persons are included in the sanctions lists and delisted, how exemptions are applied and persons identified. In addition, the need for risk assessment by all subjects of the Law On International Sanctions and National Sanctions of the Republic of Latvia has been explained, including what they should take into account to deliver on the obligation of establishing their internal control systems for compliance with sanctions and risk management as laid down in the law.

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