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European Parliament Rejects SWIFT Data Accord

FINANCIAL PRIVACY—EU & U.S.

February 11, 2010

The European Parliament has rejected an agreement to share bank transfer data with the U.S., reports European Voice. In a 378-196 vote in Strasbourg today, MEPs said no to the deal, which would have allowed U.S. Treasury officials to continue accessing data from the Society for Worldwide Interbank Financial Transactions (SWIFT) for counter-terrorism purposes. MEPs said the accord failed to adequately consider the privacy of EU citizens. The vote "underlined differences between the United States and the European Union over how to balance guarantees of personal privacy with concerns about national and international security," the New York Times reports. The U.S. could use other instruments to seek the data, according to the NYT.
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