Disclaimer: I’m not a full-time soldier, only in the OTC - British version of ROTC.
I have, however, had training on dealing with enemy POWs. Soldiers are permitted to remove weapons and ammunition from a prisoner, but cannot remove items of uniform or protective items like helmets. So no taking souvenirs from POWs.
That leaves taking things from the dead (pretty icky place to get souvenirs, IMHO, but it might well look different on the ground.) or from supply depots. WAG: a lot of it will probably depend on your chain of command and your discretion. Taking a helmet/flag not belonging to a POW would probably not be an issue unless someone further up the chain of command made it one. Capturing Kuwaiti bullion a la Three Kings would probably be frowned on.
Political material seems OK. Personal goods are right out- (although the Iraqi’s looted Kuwait seriously, they took everything that wasn’t nailed down- and quite a bit that was). War items are a “depends”, like Quiz said. Most things can’t be taken from POW’s (although I thought helmets were OK? Or is that just from WWII?), and still nothing personal from bodies, barracks etc. No looting banks- but the US Government can confiscate all the actual funds, gold bars, ect that the Iraqi government has, and I would guess this could extend to Saddams undoubted huge piles of treasure.