Federal Supreme Court Annuls Decision Banning Foreign Ownership and Investment in Iraq

The Federal Supreme Court issued a ruling today, Tuesday, declaring unconstitutional a decision issued by the former Revolutionary Command Council that suspended 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 presence of all members. The court reviewed a lawsuit filed by the Prime Minister and the Speaker of the Council of Representatives in their official capacities, requesting the annulment of Decision No. (23) of 1994, amended by Decision No. (33) of 1997, issued by the dissolved Revolutionary Command Council. The contested decision suspended all laws permitting non-Iraqis to own and invest their money in companies inside Iraq, imposing penalties of imprisonment from one to three years on violators, with increased imprisonment to two years if the violator is Iraqi, in addition to confiscation of funds acquired or invested contrary to the decision's provisions. The court ruled the decision unconstitutional due to its conflict with Articles (23/Third/A), (25), and (26) of the 2005 Constitution of the Republic of Iraq. The ruling was issued unanimously and is binding on all authorities pursuant to Article (94) of the Constitution, and was publicly announced.