European Parliament Votes No on U.S. Bank Data Access
FINANCIAL PRIVACY—EU & U.S.February 12, 2010
The European Parliament voted 378 to 196 on Thursday to reject a deal that would have allowed U.S. authorities to have access to European bank transfers, voicing concerns about the need for additional privacy safeguards. Canadian Business reports that lawmakers had been concerned about the proposal to allow the U.S. continued access to Society for Worldwide Interbank Financial Transactions (SWIFT) information, warning such a move could breach European privacy rules. U.S. authorities, meanwhile, pledged that the information collected through SWIFT was properly protected and used only in efforts to fight terrorism. Parliament's decision means the U.S. must now rely on agreements with individual EU nations to access financial data, the report states.