The Foreign and Commonwealth Office's written ministerial statement of 11 January informed Parliament of the unanimous adoption of United Nations Security Council Resolution 1737. The binding resolution calls upon all member states to impose sanctions aimed at restricting Iran's ability to develop nuclear and missile technologies which could be used in a weapons programme.

The Government are today seeking the agreement of the Privy Council for the adoption of Orders in Council concerned with giving effect to the financial sanctions against Iran's Nuclear Programme as required by UNSCR 1737, and implementing UNSCR 1737 in the UK's overseas territories. The Government are strongly supportive of international efforts in tackling abuse of financial systems and these actions are further evidence of this.

Consistent with the UN Security Council resolutions and with other financial sanctions legislation, the Orders in Council include provisions to allow licensed exemptions to the restrictions to meet legitimate humanitarian needs.