Federal Court Annuls Decision Restricting Foreign Investment in Iraq

The Federal Supreme Court issued a ruling today, Tuesday, declaring unconstitutional a decision by the dissolved Revolutionary Command Council that halted the enforcement of laws allowing non-Iraqis to own and invest their funds in companies within Iraq. The court stated in a release that the session was held under the presidency of Judge Mundhir Ibrahim Hussein with the attendance of all members. The lawsuit was filed by the Prime Minister and the Speaker of the Parliament, focusing on the annulment of the Revolutionary Command Council decision No. (23) of 1994, amended by decision No. (33) of 1997. The suspended decision stopped the application of laws permitting non-Iraqis to own and invest funds inside Iraq, imposing prison sentences ranging from one to three years on violators, with harsher penalties for Iraqis of no less than two years imprisonment and confiscation of unlawfully owned or invested funds. The court ruled the decision unconstitutional for violating provisions of the 2005 Iraqi Constitution, making the ruling final and binding on all authorities pursuant to Article (94) of the Constitution, and it was publicly announced.