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Financial Restrictions (Iran) Order 2009

I hope that Hansard caught that: it might be the highlight of my parliamentary career as far as the noble Baroness is concerned. All the Crown dependencies and overseas territories have recognised the importance of tackling these risks and have made progress in this regard. I am pleased to report that the Isle of Man has already put equivalent powers in place and that on 12 October it issued a direction mirroring that of the UK. We will continue to pursue this important work with the other Crown dependencies and overseas territories. I conclude by emphasising that the order was issued by the Government to address risks to the UK’s national interests. We continue, of course, to ensure that any action taken by HM Treasury against Iranian entities is consistent with the wider foreign policy strategy towards Iran and we have worked closely with the Foreign and Commonwealth Office on the issuing of these directions. As such, I am sure that noble Lords will agree that we cannot and will not ignore specific activities undertaken by Iranian companies that we believe to be facilitating activity identified by the United Nations as being of concern and where such activities have the potential to affect the United Kingdom’s interests. It is right, indeed crucial, that we take such action. For these reasons, I commend the order to the Committee.