Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent steps she has taken to help prevent people who have been sanctioned from concealing property assets in the UK.

In April, OFSI released a Property Threat Assessment Report. The report identifies key evasion threats, red flags that businesses should be aware of, and observations on areas where compliance could be strengthened.

For the Threat Assessment Report, click here: OFSI_Property_and_Related_Services_Threat_Assessment.pdf

OFSI also has specific guidance for letting agents. This guidance helps to facilitate OFSI’s aim of encouraging better sanctions compliance, raising impacted businesses’ awareness of their sanctions obligations, and assisting OFSI in identifying potential circumvention gaps and financial sanctions breaches. For OFSI’s letting agents guidance, click here: https://www.gov.uk/government/publications/financial-sanctions-guidance-for-letting-agents/financial-sanctions-guidance-for-letting-agents

Since 2022, OFSI has significantly increased its headcount and capability, including procuring leading tools and training, which means OFSI is able to undertake proactive, intelligence-led sanctions enforcement.