EU Proposal Would Require U.S. Banks to Turn Over Data to European Investigators

By Colby Adams

The European Commission proposed Wednesday a data sharing agreement that would grant European Union investigators access to information on U.S. bank accounts in cases of suspected terrorist ties. The proposed draft mandate follows a Feb. 11 decision by the European Parliament not to renew a controversial agreement that allowed the United States access to suspicious transactions made through the Belgium-based Society for Worldwide Interbank Financial Telecommunication (Swift). The decision effectively put a stop to Swift data sharing in counterterrorism investigations until the United States and European Union reach a long-term deal later this year. On Wednesday, the EU Commission proposed...