EU and US sign SWIFT agreement

The United States and the European Union have signed on Monday an agreement on the transfer to US counter-terrorism authorities of information on international bank transfers conducted through the SWIFT system.

The agreement now needs the green light from the European Parliament, which had blocked an initial deal in February. Cecilia Malmstroem, the EU commissioner for home affairs, said she was “quite optimistic” that the parliament would approve the new deal next week and that it would come into force August 1.

The chances of getting a majority for consent in the European Parliament are good, as Spain, the current holder of the rotating presidency of the Council of Ministers,  and member states  have met MEPs’ requests for changes to the text.

To protect privacy concerns, Europol will check the validity of each US request, and the United States agreed to allow the presence of an EU official in Washington who will have the status of a US Treasury official and be allowed to monitor banking data of EU citizens used in terror finance probes. EU citizens will also be given the same rights as Americans to contest the use of their data before US courts under the US Privacy Act.

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3 Responses

  1. […] reworked accord was agreed on 28 June after changes were made to how the EU oversees the work of the US Treasury in examining […]

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