EU's new bank data sharing deal with US

EU's new bank data sharing deal with US
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United States terrorism investigators have been granted access to information about Europeans’ bank transfers, under a final agreement with the European Parliament. It followed long negotiations with Washington, after MEPs who had wanted more privacy safeguards vetoed a previous version in February.

The five-year agreement will go into effect in August, giving investigators access to information collected by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which records most of the world’s money transfers.

The EU has won assurances from the United States that any requests for information will be vetted by the EU’s police agency Europol, and other EU representatives will monitor how the data is used during counter-terrorism investigations.

Under the new agreement, EU citizens will be able to complain in U.S. courts or government agencies if they suspect their data is incorrect or wrongly used.

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