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MEPs Approve SWIFT

FINANCIAL PRIVACY—EU & U.S.

July 8, 2010

By a vote of 484 to 109, with 12 abstentions, the European Parliament voted today to approve a revised bank transfer data sharing agreement between the EU and U.S., V3.co.uk reports. Several of those opposing the plan have suggested it is "a clear violation of EU legislation on data protection." European Commissioner Cecilia Malmström, however, described the new agreement as "proof that we can find appropriate safeguards to accommodate legitimate concerns about both security and privacy," while U.S. President Barack Obama thanked the EU, stating the plan "reflects significant additional data privacy safeguards but still retains the effectiveness and integrity of this indispensable counterterrorism program." The agreement will go into effect August 1.
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