Daily DashboardEuropean Data Protection Digest

MEPs To Vote on SWIFT Agreement Next Week

FINANCIAL PRIVACY—EU & U.S.

June 29, 2010

The five-year agreement signed by the European Council to allow the EU to share banking data with the U.S. could be approved by the European Parliament as early as next week, The Washington Post reports. The agreement was signed following the addition of stronger privacy guarantees requested by MEPs. "Currently, U.S. authorities submit a request for a needle, and we send them the whole haystack," said Sophie in 't Veld. "In the future...we will find the needle and send it to the U.S. authorities." The European Parliament is expected to approve the plan when it votes next week, the report states, with the data-sharing deal to go into effect on August 1. (Registration may be required to access this story.)
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