Daily DashboardEuropean Data Protection Digest

U.S. Bank Monitors a Concern for EU

FINANCIAL PRIVACY—EU & U.S.

December 6, 2010

The New York Times explores the concerns among U.S. allies in Europe over monitoring of international banking transactions for potential terrorist activity. The report looks at the history of the program from its roots in the September 11, 2001, terrorist attacks to its halt by EU members back in February and the European Parliament's vote in July to restart the program after concessions that promised greater European oversight. While U.S. officials have valued the monitoring program "because it allowed them to trace the transactions of suspected terrorist financiers while including 'robust' privacy protections," many in Europe continued to favor more "stringent privacy protections," the report states. (Registration may be required to access this story.)
Full Story