SWIFT Agreement Takes Effect
FINANCIAL PRIVACY—EU & U.S.August 3, 2010
The U.S. can now access the details of European bank transactions to be used in the effort to fight terrorism as the SWIFT agreement went into effect August 1. Deutsche Welle reports that the U.S. will be able to demand information about transfers that take place between the EU and the rest of the world with requested data to be sent in bulk packages to the U.S. Some members of the European Parliament remain concerned that the revised agreement poses a risk to the privacy of innocent individuals. MEP Jan Philipp Albrecht, for example, believes the agreement represents "a step backwards for negotiations for comprehensive privacy rights in international security operations."