Utterly absorbing, extremely smart and - considering this is a sad, shabby, drably grey-green world of obsessives, misfits, misdirection, disillusionment, self-delusion and treachery - quite beautifully executed.

The Cold War is over, but director Tomas Alfredson (Let the Right One In) and his collaborators have brought those suspicion-fueled days to vivid life in this masterful adaptation of John le Carré's beloved 1974 spy novel.

I had to see the new version twice to realize that there's so much to appreciate about this multilayered production.

An inventive, meaty distillation of Le Carre's 1974 novel, picture turns hero George Smiley's hunt for a mole within Blighty's MI6 into an incisive examination of Cold War ethics, rich in both contempo resonance and elegiac melancholy.

Order may be restored to the Circus, the "bad" elements weeded out, but in the jaundiced world the film has spent the last two hours so effectively delineating, the barriers between good and evil have been shown to be essentially meaningless.