The strategy sets out how it will keep UK financial sanctions effective, resilient and impactful by introducing the Promote, Enable, Respond, Change (PERC) framework to strengthen implementation, enforcement and compliance.
Key components of the framework include:
➡️ Promote: Make sanctions rules, risks and expectations clearer so that compliance is the best option and noncompliance is visibly costly;
➡️ Enable: Ensure firms can comply at pace, first time through practical compliance advice, licensing improvements and digital engagement;
➡️ Respond: Focus on visible, proportionate and timely enforcement and early disruption of harm using the full enforcement toolkit; and
➡️ Change: Move beyond one-off fixes to sustained compliance cultures in firms and sectors.
✅ Firms should review sanctions frameworks to ensure they are risk-based, operationally effective and aligned with evolving OFSI expectations, with a focus on timely compliance, strong governance and use of data and technology.