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EU and U.S. Reach Data Protection Agreement over Swift
By Brian Orsak
printThe U.S. government has reached an agreement with the European Union to subpoena data from a global banking consortium that tracks transactions worldwide only if the information will be used for counterterrorism purposes. The agreement, announced June 27, resulted from months of negotiations after an EU advisory panel found that the consortium's sharing of information with the United States violated EU data protection laws. U.S. officials will be able to retain any information obtained through a subpoena issued by the Treasury Department's Terrorist Finance Tracking Program for only five years under the deal, which also calls for the appointment of...
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