MEPs Reject Deal to Share Bank Data with U.S.
FINANCIAL PRIVACY—EUFebruary 5, 2010
Parliament's Civil Liberties Committee has rejected a deal, which came into force temporarily on Monday, that allowed bank data from the Society for Worldwide Interbank Financial Transactions (SWIFT) to be shared with the U.S., the Times Online reports. The committee's decision came on the heels of an appeal by U.S. Secretary of State Hillary Clinton, who called European Parliament President Jerzy Buzek to voice concerns about the fate of the deal, which U.S. officials believe is essential to counterterrorism efforts. The Civil Liberties Committee, however, is recommending the deal be renegotiated to ensure better privacy protection. The issue is scheduled for a vote by the full Parliament next week. Every indication is that Parliament will follow the committee's decision.