Lord Ahmad said: "We condemn all acts of terrorism, wherever perpetrated and whoever the perpetrator. On my noble friend’s specific question about proscribing this organisation, I have already said what our view of the organisation is.
“If it meets the requirements of the criteria for proscribing an organisation, I am sure it will be looked at the appropriate time.”
The Islamic Revolutionary Guard Corps (IRGC) is currently designated a terrorist organisation by the governments of the US, Bahrain and Saudi Arabia. Since its establishment in 1979 the IRGC has been involved in many economic and military controversies.
It operates independently of Iran’s regular armed forces.
In December 2009, evidence uncovered during an investigation by the Guardian linked the IRGC to the kidnappings of five Britons from a government ministry building in Baghdad in 2007.
Three of the hostages, Jason Creswell, Jason Swindlehurst and Alec Maclachlan, were killed. Another hostage, Alan Mcmenemy, is presumed dead but the fifth Peter Moore was released in December 2009.
The investigation uncovered evidence that Mr Moore, a computer expert from Lincoln was targeted because he was installing a system for the Iraqi Government that would show how a vast amount of international aid was diverted to Iran's militia groups in Iraq.