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Article 29 Working Party Submits TFTS Dissent

FINANCIAL PRIVACY—EU

October 5, 2011

In a press release dated October 3, the Article 29 Data Protection Working Party has announced that it is "not convinced" that the proposed Terrorist Finance Tracking System (TFTS) is needed. The Working Party has sent a letter to European Commissioner Cecilia Malmström calling for evidence that the TFTS is necessary and proportional. "The Data Protection Authorities make clear that the mere added value of the information to be gained from the system is not sufficient," the release states. The commission has not yet presented a detailed TFTS proposal but will complete an impact assessment on possible options before submitting a finalized proposal.     
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