With the support of the EEA Grants, the conference “Making Sanctions Work: The Way Forward in 2024” successfully held - EEZ un Norvēģijas finanšu instrumenti
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International Police Cooperation

With the support of the EEA Grants, the conference “Making Sanctions Work: The Way Forward in 2024” successfully held

On 19 March 2024, the international conference “Making Sanctions Work: The Way Forward in 2024” was held in Riga, gathering over 100 participants in person and around 900 online. The Financial Intelligence Unit (FIU) of Latvia hosted the conference in cooperation with the Centre for Financial Crime and Security Studies (CFCS) at RUSI and the Latvian Institute for International Affairs, with the support from EEA Grants.

The conference convened 21 international experts from 9 countries: national authorities, financial institutions, and industry to exchange their experiences and discuss opportunities to strengthen the implementation and enforcement of sanctions at the operational level across the EU.

Toms Platacis, Head of FIU Latvia, opened the conference announcing the upcoming changes in Latvia in relation to sanctions. From 1 April 2024, FIU Latvia will become the competent institution in charge of the implementation of sanctions in the country. Mr Platacis highlighted the relevant timing in hosting this conference amidst these changes and the road ahead to address the complex challenges posed by the heightened sanctions risks.

Rihards Kozlovskis, Minister of Interior of Latvia, welcomed the conference with an emphasis on the key role played by sanctions in our security. Mr Kozlovskis asserted that sanctions are not merely a diplomatic tool, they are the cornerstone of Latvia’s national security and their visible impact on Russia’s ability to sustain its military campaign in Ukraine showcase their strategic importance.

The EU Sanctions Envoy David O’Sullivan delivered a keynote speech highlighting the successful effects of sanctions in limiting Russia’s profits from the energy industry and depriving its military from the microelectronic components it requires to wage its war of aggression in Ukraine. Mr O’Sullivan emphasised that sanctions are only as important as their implementation and enforcement.

Some of the main highlights from the discussions at the conference are:

Conference was organized under EEA Financial Mechanism period 2014-2021 programme “International Police Cooperation and Combating Crime” project No. EEZ/FID/2021/6 “Improvement of Employee Knowledge in Combating Money Laundering in Latvia”.

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