After months of negotiations, the European Union on June 15 adopted an agreement with the United States on regulations to observe when using information from bank transactions in the fight against terrorism.
In February this year, the European Parliament rejected an interim agreement on the transfer of bank data from SWIFT, a Belgium based company that facilitates banking messages between financial institutions worldwide. The SWIFT network handles information on 80 percent of all electronic banking transfers, and unlimited access to the information can be misused, according to the European Parliament.
The new agreement, pending approval by the European Parliament, will guarantee protection of personal data and civil liberties, Cecilia Malmström, commissioner for Home Affairs, said at a press conference in Brussels on Monday.
Malmström said the agreement is solely for preventing terrorism financing, not for any other purposes like fighting organized crime. Access to information on individuals or organizations must be linked to an ongoing investigation.
In February this year, the European Parliament rejected an interim agreement on the transfer of bank data from SWIFT, a Belgium based company that facilitates banking messages between financial institutions worldwide. The SWIFT network handles information on 80 percent of all electronic banking transfers, and unlimited access to the information can be misused, according to the European Parliament.
The new agreement, pending approval by the European Parliament, will guarantee protection of personal data and civil liberties, Cecilia Malmström, commissioner for Home Affairs, said at a press conference in Brussels on Monday.
Malmström said the agreement is solely for preventing terrorism financing, not for any other purposes like fighting organized crime. Access to information on individuals or organizations must be linked to an ongoing investigation.
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