On Thursday, September 21, the Saeima conceptually supported the amendments to the law “On the Enterprise Register of the Republic of Latvia”, which provides that information on the subjects of sanctions will be publicly available in the Enterprise Register (UR), the Saeima Press Service informed.
On Thursday, September 21, the Saeima conceptually supported the amendments to the law “On the Enterprise Register of the Republic of Latvia”, which provides that information on the subjects of sanctions will be publicly available in the Enterprise Register (UR), the Saeima Press Service informed.
With the amendments, it is planned to ensure the availability of information about the direct and indirect connection of legal subjects or persons registered in the UR with those subjects subject to international, national or NATO member sanctions.
“The intended amendments are important not only to ensure the enforcement of sanctions, but also to protect those merchants who, when cooperating with others, may violate prohibitions due to ignorance. The sooner the information is provided, the better,” said the person responsible for the progress of the bill in the Saeima. Chairman of the Legal Commission Andrejs Yudins (JV).
As its authors note in the annotation of the draft law, Latvia is legally bound by dozens of different sanctions regimes against more than 30 countries, which cover the European Union and UN sanctions regimes. The issue of compliance with sanctions is particularly relevant due to the geopolitical situation of Latvia and the fact that sanctions have been imposed on two of Latvia’s neighboring countries – Belarus and Russia – which are subject to both financial, civil and entry restrictions, as well as various types of sectoral restrictions, such as trade restrictions on certain categories of goods.
With the amendments to the law, it is planned to set the task of UR to perform the analysis of legal acts, decisions, other documents and information provided by institutions on the applied international, national and NATO sanctions in connection with the information included in the registers kept by UR. It is expected that the UR will conclude the application of the determined sanctions to legal entities registered in the UR and will ensure public availability of this information.
