Daily DashboardEuropean Data Protection Digest

Holder Says "Extensive Privacy Safeguards" in Place

FINANCIAL PRIVACY—EU & U.S.

April 9, 2010

Speaking at a news conference in Madrid yesterday, U.S. Attorney General Eric Holder acknowledged European concerns about an accord that would enable the sharing of EU citizens' bank transaction data with U.S. officials for counterterrorism efforts, the New York Times reports. "We recognize that there have been questions raised in Europe, and one of our goals is to highlight the extensive privacy safeguards that have been put in place," Mr. Holder said. American and European justice and interior ministers are meeting today to discuss financial data sharing and other matters. The European Commission recently announced intentions to create its own terror financing tracking system. A senior U.S. Treasury official said yesterday that Washington is committed to working with it "under the basis of reciprocity," but stopped short at saying whether the U.S. would grant the EC access to American citizens' banking data, an arrangement EC officials will push for in today's meeting.
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