MEPs say ‘no’ to SWIFT

EurActiv and other sources report that the European Parliament refused to rubber-stamp the interim SWIFT agreement between the EU and the US on the 11 February 2010 on the transfer of citizens' financial data to prevent terrorist attacks, dealing a blow to both EU governments and US authorities using SWIFT.

Subsequently EurActiv reported that Socialist MEPs had talks with high-level US officials, including Deputy Secretary of State James Steinberg, in March 2010, to explore grounds for a compromise on the SWIFT data-sharing agreement.

The European Commission adopted on the 24 March 2010 a draft mandate for negotiating bank data transfers with the United States government under the Terrorist Financing Tracking Programme (TFTP). The Commission wants to complete an agreement by the summer of 2010 to limit gaps in security.

• Primary Source

BBC News, 11.2.10: European Swift bank data ban angers US http://news.bbc.co.uk/1/hi/world/europe/8510471.stm

ESO: Background information: Angry MEPs demand delay on EU-US bank data deal http://www.europeansources.info/record/angry-meps-demand-delay-on-eu-us-bank-data-deal/

ESO: Background information: Brussels outlines plan to give US cross-border bank data http://www.europeansources.info/record/brussels-outlines-plan-to-give-us-cross-border-bank-data/

European Commission: Press Release: IP/10/152: The European Parliament votes against the EU-US provisional agreement on transfer of bank data for counter-terrorism purposes: Commission reaction http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/152&format=HTML&aged=0&language=EN&guiLanguage=en

Deutsche Welle, 11.2.10: European parliament rejects SWIFT deal for sharing bank data with US http://www.dw-world.de/dw/article/0,,5239595,00.html

European Parliament: Press Release, 10.2.10: SWIFT: MEPs still concerned about data protection in interim agreement http://www.europarl.europa.eu/news/expert/infopress_page/019-68675-039-02-07-902-20100209IPR68674-08-02-2010-2010-false/default_en.htm

Spiegel Online International, 11.2.10: European Parliament Rejects Bank Data Deal http://www.spiegel.de/international/europe/0,1518,677304,00.html

European Commission: Press Release: IP/10/348: European Commission prepares new negotiations with US on transfer of bank data for counter-terrorism purposes http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/348&format=HTML&aged=0&language=EN&guiLanguage=en

EurActiv, 18.3.10: EU, US re-assess SWIFT data-sharing deal http://www.euractiv.com/en/financial-services/meps-washington-collapsed-data-sharing-deal-news-355141

EurActiv, 25.3.10: EU to launch anti-terror finance tracking plan http://www.euractiv.com/en/financial-services/eu-launch-anti-terror-finance-tracking-plan-news-376447

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