Iraq Claims Act of 1994

[AI summary unavailable — showing source text] Iraq Claims Act of 1993 - Authorizes the Foreign Claims Settlement Commission to receive and determine the validity and amounts of any claims: (1) with respect to which the United States has received lump-sum payments from the United Nations Compensation Commission (UNCC); and (2) of U.S. nationals against Iraq that are determined to be outside the UNCC's jurisdiction. Requires the Commission, in deciding such claims, to apply, in the following order: (1) relevant decisions of the United Nations Security Council and the UNCC; (2) applicable substantive law; and (3) principles of justice and equity. Directs the Commission to decide all pending non-commercial claims of members of the armed forces and other individuals arising out of Iraq's invasion and occupation of Kuwait before deciding any other claim. Applies titles I and VII of the International Claims Settlement Act of 1949 to claims under this Act. Authorizes the Secretary of the Treasury to establish in the Treasury: (1) UN Commission Claims Funds composed of amounts transferred by the Secretary of State pursuant to this Act; and (2) the Iraq Claims Fund composed of amounts allocated by the President from liquidated assets of…