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In the war on terror, the U.S. has had no greater friend than the United Kingdom. And as the U.S. economy continues to suffer under the burdens of Sarbanes-Oxley, our British friends have demonstrated a more sensible approach to financial regulation.

For both of the preceding statements, however, there is an exception. Even as the U.K. stands with us in rallying the world against doing business with Tehran, an Iranian bank with a history of financing terrorism continues to operate in London.

On September 8, 2006, the U.S. Treasury announced it was cutting off all direct and indirect ties to the U.S. financial system for Iran's Bank Saderat, given the bank's history of financing terrorism. Treasury's press release did not mention the United Kingdom, but an October 2007 Treasury report connected the dots.

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