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Iraq: Laws
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Iraq ranks favorably in comparison to its neighbors with regard to minimal capital requirements. Article 28 of Company Law No. 21 specifies minimum capital requirements for various types of companies: Joint Stock Company - (US $1,362); Limited Company - (US $680); other types of companies (US $340). Iraq ranks favorably compared to regional competitors, such as Egypt, Jordan, Kuwait, Saudi Arabia, Syria, the UAE, and the West Bank and Gaza. Foreign banks with a majority of foreign capital must obtain special permission from the Central Bank of Iraq to operate. Branches of foreign banks must maintain an unspecified positive balance of assets over liabilities and have $25 million in capital ($5 million for Iraqi banks).
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Iraq's legislative branch consists of an elected Council of Representatives and an as-yet unformed Federation Council. The Council of Representatives consists of 275 members, each of whom is elected to four-year terms of service. At least one-quarter of the members of the Council of Representatives must be female. The responsibilities of the Council of Representatives include enacting federal laws, monitoring the executive branch, and electing the President of the Republic. The Federal Council will be established, by law, as a representative for governorates and territories that are not organized in a region.
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The security situation in Iraq remains serious. Theft and violent crime persist in Iraq, and the potential for attacks against U.S. citizens and facilities remains high. In addition, roads and other public areas can be dangerous for conspicuous foreign travelers. Law enforcement is limited, although Iraqi police units continue to be trained and deployed. Attacks against military and civilian targets throughout Iraq continue, including in the International (or "Green") Zone.
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The first case under the MEJA was brought in 2003 in California against the wife of a murdered Air Force staff sergeant at Incirlik Air Base, Turkey.[66] Thus far in Iraq the situation is not encouraging. U.S. army lawyers washed their hands of the situation in Abu Ghraib, deciding that they had no jurisdiction and left it up to the firms to decide how to discipline their staff.
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At the end of September 1989, Senator Daniel Inouye put a rider on the Foreign Assistance Appropriations Act that barred the bank from further dealings with Iraq. The Inouye amendment, itself later amended to allow a Presidential override of the ban, became law in November. At year's end, the fate of the Pell amendment was still uncertain.
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[JURIST] US Attorney General Michael Mukasey [official profile; JURIST news archive] discussed ongoing DOJ efforts to promote the rule of law in Iraq [press release; fact sheet, PDF] during his first official trip to Baghdad Wednesday. Mukasey met with three high ranking judiciary officials,....
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