L. Paul Bremer, Coalition Provisional Authority

“ No person shall be liable in damages for an act done as chief judge or judge of the
Tribunal, except that, if such person shall be convicted of a crime on account of such act, the
person may be held liable in a civil proceeding for damages caused by that criminal act. ”

“ SECTION 1—DEFINITIONS, AUTONOMY, OBJECTIVES AND FUNCTIONS
Article 1 Definitions
The following terms shall have the meanings set forth below:
“Appointing Authority” means the head of the Government.
“bank” means a person holding a license or permit under the Banking Law to engage in
banking business and other banking activities;
“banking business” means the business of receiving deposits of money or other repayable
funds from the public for the purpose of making credits or investments for its own account;
“Board” means the Board of Directors of the CBI ”

“ Within three months after the end of each financial year, the Board shall distribute the net
profits available for distribution as follows:
a. 80 percent of any net profits available for distribution shall be transferred to the
general reserve account until such time as the general reserve account of the CBI
reaches a sum equal to 10 percent of the total assets of the CBI;
b. any remaining net profits available for distribution shall be transferred to any other
reserve account that may be established by the CBI pursuant to paragraph (4) of
Article 5. ”

“ A person shall be ineligible for appointment to serve on the Board if, in the judgment of
the Appointing Authority:
a. the person is not a citizen of Iraq;
b. the person is not a fit and proper person ”

“ The Tribunal shall also have jurisdiction to adjudicate any dispute between banks and
between financial institutions that is referred to the Tribunal pursuant to a written agreement
between the parties to the dispute, which agreement may provide either that an appeal of the
Tribunal’s decision may be taken to the Court of Appeal or that no appeal shall be permitted.
4. The Tribunal shall not have jurisdiction to review the CBI’s decisions or actions with
respect to developing and implementing monetary policy, including exchange rate policy.
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5. ”

“ No person shall make, publish, print, execute, issue, distribute or circulate, including by
electronic or computer-assisted means, anything in the likeness of
a. a current banknote, or
b. an obligation or a security of a government or bank.
2. Paragraph (1) does not apply to:
a. the CBI or its employees when they are carrying out their duties under Section 7 of
this Law;
b. the police or its members or employees when they are carrying out their duties to
prevent and investigate any violation of this Law ”

“ During their service or employment by the CBI, the Governor, Deputy Governors, other
members of the Board, and employees of the CBI shall not receive credit from any bank or
other entity subject to the supervision of the CBI, except with the prior approval of the
Board. The person to receive such credit shall not participate in any decision by the Board
concerning such credit. ”

“ Board and at least once every quarter, of reports and recommendations regarding the
financial statements and records, the budgetary and accounting procedures, the risk
management and other controls within the CBI, the efficiency and cost effectiveness
at which the CBI operates, and any other matter within its competence and area of
responsibilities on which a report may be requested by the Board; and
e. any other assignment that may be given to the internal audit department by the
Board, provided that such assignments do not disrupt its principal task set forth
herein. ”

“ The salary and other employment benefits of the chief internal auditor shall be
commensurate with those received by persons in equivalent positions in commercial banks
and other financial institutions and shall be determined by the Board.
4. The chief internal auditor may resign from office after giving not less than three months’
written notice to the Board and shall be subject to the provisions of Article 15 (3) .
Article 48 External audit
1. ”

“ In addition, the CBI may take whatever action it deems necessary to: (i) counter money
laundering and terrorist financing, and (ii) regulate and supervise lending companies,
microfinance companies, and any other non-bank financial institutions not otherwise
regulated under Iraqi law. ”

“ The CBI may, by regulation, limit the amounts of banknotes and coins that must be
accepted as a legal tender in payment for an obligation and restrict the denominations of such
banknotes and coins in which payment may be made to specified amounts or a range of
amounts.
4. The CBI shall be responsible for the supply of Iraq’s banknotes and coins and shall
endeavor to maintain the availability of an adequate number of banknotes and coins in all
regions at all times.
Article 33 Printing of banknotes and minting of coins; accounting treatment of
currency issued
1. ”

“ Board shall devote the whole of their professional services to the CBI, and none of them shall
occupy any other office or employment, whether remunerated or not, except (i) as nominee
of the CBI or (ii) a limited amount of lecturing and other academic activity so long as such
activity is not remunerated and does not interfere with the performance of the individual’s
duties and responsibilities at the CBI.
4. ”

“ If the CBI determines that a person engages in an activity without the appropriate license,
permit or registration issued by the CBI when such license, permit or registration issued by
the CBI is required by law, the CBI shall serve an order directing that person promptly to
cease such activity. The order shall be accompanied by a statement describing the facts and
law supporting the existence of a violation, and shall request such person to provide a written
response within three days after the date of service of such order. ”

“ Article 63 of the Banking Law.
4. The Tribunal may annul or remand to the CBI for further consideration an order or
decision of the CBI, or award of monetary damages, expenses and interest with respect to a
decision or order of the CBI only on one or more of the following grounds:
a. in taking the decision or issuing the order, the CBI exceeded or abused its
authority ”

“ CBI unless:
a. the bank, in the opinion of the CBI, is solvent and provides adequate collateral, and
the request for financial assistance is based on the need to improve liquidity; or
b. such assistance is necessary to preserve the stability of the financial system and the
Minister of Finance has issued to the CBI a guarantee in writing on behalf of the
Government securing the repayment of the loan.
SECTION 7—CURRENCY
Article 31 Unit of currency
The national monetary unit in Iraq shall be the dinar. ”

“ Article 35 Disposition of Counterfeit Currency
Every person who comes into possession of counterfeit banknotes or coins shall forward to
the CBI all such counterfeit banknotes or coins.
Article 36 Redemption of currency
1. ”