Iraq Claims Act of 1994

Iraq Claims Act of 1994 - 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.

(Sec. 2) 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 or out of the 1987 attack on the USS Stark before deciding any other claim.

Applies titles I and VII of the International Claims Settlement Act of 1949 to claims under this Act.

(Sec. 3) 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 the Iraqi Government. Authorizes the President to vest and liquidate as much of the assets of the Iraqi Government in the United States that have been blocked pursuant to the International Emergency Economic Powers Act as necessary to satisfy claims of U.S. nationals or the U.S. Government that are outside the UNCC's jurisdiction.

(Sec. 6) Sets forth payment and recordkeeping requirements.

(Sec. 8) Requires the Secretary of the Treasury to publish a notice of the statute of limitations on unpaid certified claims nine years after the last date on which the Secretary covers funds into the UN Commission Claims Funds or the Iraq Claims Fund.

Bars demands for payments on such claims one year after the publication of such notice.

(Sec. 10) Expresses the sense of the Congress that individuals who served in the armed forces of Iraq during the Persian Gulf conflict should not be admitted to the United States as refugees under the Immigration and Nationality Act, except in exceptional circumstances, until all certified claims by U.S. nationals outside the UNCC's jurisdiction have been paid in full.

(Sec. 11) Expresses the sense of the Congress that: (1) the United States should immediately provide humanitarian assistance to alleviate the disaster in Iraq; and (2) such assistance should be reimbursed from any available Iraqi resources so long as such reimbursement does not delay or reduce amounts paid on priority claims of members of the armed forces and others.

(Sec. 12) Urges the President to request the United Nations to establish a tribunal to charge Saddam Hussein and other Iraqi Government officials for war crimes, acts of aggression, and crimes against humanity.