EU Threatens Block of U.S. Bank Data Transfer
FINANCIAL PRIVACY—U.S. & EUJanuary 22, 2010
The European Parliament has threatened to block financial data transfers between EU member nations and the U.S. under the SWIFT agreement unless it gets answers to questions it has asked of Spain and Switzerland, the EUObserver reports. The financial data transfers are part of a U.S.-European anti-terror program which some EU officials have protested as a threat to privacy and have threatened to scrap altogether if Spain does not provide the requested information. In a statement, the coalition opposed to the SWIFT agreement said two clear conditions must be satisfied before a longer term agreement can be considered.