Daily DashboardEuropean Data Protection Digest

EU to Revive SWIFT Talks, Set up Tracking Program

FINANCIAL PRIVACY—U.S. & EU

March 25, 2010

The European Commission (EC) has revived negotiations on sharing banking data with the U.S., reports the New York Times. Citing data privacy concerns, the EU Parliament last month rejected the so-called SWIFT deal, which would have enabled the continued transfer of transaction data from the Belgium-based Society for Worldwide Interbank Financial Transactions (SWIFT) to the U.S. for use in counter-terrorism efforts. The EC adopted a mandate yesterday to begin new negotiations with the U.S. EU justice commissioner Viviane Reding said the new deal would address parliamentarians' data privacy concerns and would require reciprocity in the sharing of data. "We would like to set up our own [terrorist financing tracking program,]" Reding said.  (Registration may be required to access this story.)
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