Over a year after outlining alternatives to a controversial U.S.-EU bank data-sharing arrangement, European Union leaders have yet to disclose how they would give American terrorism investigators access to sensitive financial information. In July 2011, the European Commission said it would replace the arrangement, which took effect in August 2010, with its own program, to be known as the Terrorist Finance Tracking System (TFTS). Like the current agreement, the TFTS would grant certain investigators access to interbank messages processed by the Society for Worldwide Interbank Telecommunication (Swift), a Brussels-based banking consortium. "Nothing has been done yet, which has raised questions...
American officials acted within their rights when barring a European investigator from reviewing an audit of how the two continents exchange data linked to terrorist financing, EU attorneys said Thursday.
A group of European Parliament members will soon weigh in on whether lawmakers should create an EU-wide police force and more closely cooperate on border security to stem financial crime, according to Bill Newton Dunn, a British lawmaker.
The European Union and the United States move ahead with negotiations over Swift interbank data and a New York court sentences an alleged terrorist financier to ten years in prison, in this week's news roundup.