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Germany: SWIFT Compromise "Unsatisfactory"

FINANCIAL PRIVACY—EU & U.S.

July 7, 2010

With the European Parliament expected to approve a revised agreement to allow European financial data to be shared with U.S. officials, Germany's Data Protection Agency (DPA) is raising concerns. The Associated Press reports that the DPA remains "highly critical" of the compromise agreement between the EU and the U.S. that will allow the sharing of information about bank transfers as part of terrorism investigations. Data Protection Commissioner Peter Schaar said Tuesday that the compromise is "not in the least satisfactory," noting he believes that about 97 percent of the information will be irrelevant and never used but will continue to be stored by the U.S.
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