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Parliament Likely to Reject SWIFT Agreement

FINANCIAL PRIVACY—EU

February 1, 2010

The European Parliament seems poised to reject a deal that would allow the sharing of European bank transfer data with the U.S. government, reports Spiegel. The proposed deal would give U.S. officials access to financial data from the Society for Worldwide Interbank Financial Transactions (SWIFT), which they deem important to counterterrorism investigations. Some parliamentarians and European officials oppose the deal, including Justice Commissioner Viviane Reding, who said in a speech last week, "I remain to be convinced that all these SWIFT transfers are necessary, proportionate and effective to fight terrorism. I will be looking into this very closely in the coming weeks."
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