The new FID regulations have been prepared based on amendments to the Law on International and National Sanctions of the Republic of Latvia, which provides for establishing the FID as the competent institution in matters of enforcement of international and national sanctions.
Likewise, clarifications have been made to the Law on the Prevention of Money Laundering and Financing of Terrorism and Proliferation.
At the same time, the project also includes other clarifications of the legal framework.
FID is confirmed as a direct administrative institution under the institutional supervision of the Minister of the Interior. In accordance with its competence, the FID implements the tasks assigned to it in the field of money laundering, prevention of terrorism and proliferation financing and in the field of enforcement of international and national sanctions.
