Committee publication · Correspondence · 13 May 2026

Correspondence with the Economic Secretary to the Treasury on OFSI's 3-year Strategy, dated 16 April 2026

Summary

The Economic Secretary to the Treasury informs the Treasury Committee that the Office of Financial Sanctions Implementation (OFSI) has published its 2026-29 Strategy. The strategy responds to complex geopolitical challenges and builds on OFSI's recent successes, with planned improvements to enforcement, data-driven operations, and AI use. The strategy introduces published Key Performance Indicators for the first time.

Key findings

OFSI has published a three-year Strategy (2026-29) responding to increasingly complex geopolitical environment
Strategy emphasises making UK financial sanctions effective, resilient and impactful through both compliance support and enforcement
OFSI will adopt data and intelligence-driven approach and make effective use of new technology, including artificial intelligence
For the first time, the Strategy includes published Key Performance Indicators to be reported in OFSI's Annual Reviews
Strategy builds on Committee's 2024 recommendations following its inquiry into sanctions on Russia

Tone

Procedural

Topics

financial-sanctionspublic-financegeopolitical-affairscompliance-enforcement

Key actors

Dame Meg Hillier, Lucy Rigby KC MP, Office of Financial Sanctions Implementation (OFSI), Treasury Select Committee, Foreign Affairs Committee, Business and Trade Committee, Baroness Margaret Hodge DBE

Notable line

“OFSI needs to continue to build on recent successes. It is essential that OFSI has both a clear strategic direction and the flexibility to respond to new and emerging issues over the course of this …”

Key Quotes

“The Strategy reflects the increasingly complex geopolitical environment in which OFSI operates, and the planned approach to the evolving threats and challenges this presents.”
— Lucy Rigby KC MP · on OFSI's strategic context

“The Strategy sets out an ambitious framework to ensure that UK financial sanctions are effective, resilient and impactful .”
— Lucy Rigby KC MP · on the strategy's core objective

“OFSI's work will be driven by data and intelligence, and will make effective use of new technology, including artificial intelligence.”
— Lucy Rigby KC MP · on OFSI's operational approach

“For the first time, the Strategy includes published Key Performance Indicators, to will be reported against in OFSI's Annual Reviews.”
— Lucy Rigby KC MP · on new performance transparency measures

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Source · parliament.uk record ↗