Daily DashboardEuropean Data Protection Digest

Bank Data Deal to Take Effect Next Week

FINANCIAL PRIVACY—EU & U.S.

January 29, 2010

A financial data-sharing agreement between the U.S. and EU will go into effect next week despite the European Parliament's request for a delay. European Voice reports that the so-called SWIFT agreement, which gives American officials access to the banking transaction data of European citizens to aid counter-terrorism efforts, will take effect on February 1. Members of Parliament (MEPs) and European Data Protection Supervisor Peter Hustinx have expressed concerns about the deal's privacy consequences, calling it a "privacy-intrusive" agreement that is insufficiently justified. MEPs will vote on the agreement the week of February 8.

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