UK sanctions regime Financial sanctions in the UK may be imposed by the UN Security Council, through UN Security Council Resolutions. These are implemented in the EU through common positions and regulations, which have direct effect in the UK. The Office of Financial Sanctions Implementation (OFSI) may also designate domestic (UK resident) individuals or entities as targets, usually under counter-terrorist financing legislation—see Terrorist Asset-Freezing etc Act 2010 (TAFA 2010). Therefore, in the UK, financial sanctions are set out in EU Regulations and UK Statutory Instruments. For further information, see Practice Note: Understanding the financial sanctions regime. Organisations and individuals should have a clear understanding of both financial and trade sanctions (where appropriate to their business) and be able to identify risks raised by particular customers, services, products and transactions