Sanctions Space Toms Platacis and Paulis Iljenkovs on Countering Sanctions Evasion
May 29, 2024
Toms Platacis, Head of the Financial Intelligence Unit (FIU) Latvia, and Paulis Iljenkovs, Deputy Head of FIU Latvia, share their expertise on sanctions enforcement in the EU. They emphasize the need for a strong deterrent against sanctions breaches, advocating for real convictions and hefty fines. The duo discusses Latvia's role as the national authority for sanctions, the complexities of compliance among industries, and the evolving landscape of financial intelligence units working together against sanctions evasion, particularly in the context of geopolitical tensions.
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Latvia FIU's New Sanction Role
- Latvia's FIU became the national competent authority for sanctions implementation in April 2023.
- This centralizes sanctions enforcement, avoiding businesses having to deal with multiple authorities.
Guidance for Broad Sanctions Compliance
- Latvia's FIU publishes guidance and FAQs to help private sectors correctly implement sanctions.
- They target sectors beyond finance, like exporters, lawyers, and accountants, for sanctions awareness.
Balancing Sanctions with FIU Core Function
- Sanctions functions add intelligence capabilities to FIUs without compromising their apolitical nature.
- Clear legal 'Chinese walls' separate sanctions enforcement from sensitive intelligence work.