EU and US seek to plug SWIFT security gap

MEPS and Data Protection

MEPs have led the fight against the US Terrorist Finance Tracking Program (TFTP), a measure many in the European Parliament think does not live up to EU data-protection rules.

It was a surprise in February when MEPs boldly rejected the interim EU-US deal permitting the transfer of banking data from EU citizens to the US. But it won the Parliament increased respect in some quarters and, in effect, a stepped-up role when negotiations begin on a new, permanent deal with the US.

Under the Lisbon treaty, in force since last December, the Parliament now has power to reject any international agreement the EU reaches with other countries. It used that new power for the first time in February.

A key issue for MEPs has been how much data is transferred under the deal, says Simon Busuttil, a Maltese centre-right MEP. Other issues of concern include recourse for EU citizens under US law to object to the use of their personal financial data by US authorities, how long the banking data is stored, and to what extent the data is shared with law-enforcement agencies other than the US Treasury.