A European Union plan to detect terrorist financing by allowing investigators access to financial messaging information has met strong opposition from European lawmakers concerned about data privacy rights and budgetary constraints. Under three proposals floated Wednesday by the European Commission, the EU's executive branch, European investigators would get access to personal data on wire originators and recipients from the Society for Worldwide Interbank Financial Telecommunication (Swift). The new capability, to be called the Terrorist Finance Tracking System (TFTS), would replace a formal mechanism by which U.S. investigators, operating under a June 2010 agreement, can also scrutinize the data for terrorist...
The disclosure that U.S. officials have solicited and directly received data from foreign banks on transactions tied to Iran is spurring talks among European lawmakers, according to Alexander Alvaro, an EU Parliament supervisor.
A European Union Commission report published Thursday concluded that U.S. Treasury officials had abided by all data security provisions contained within a controversial transatlantic bank data sharing treaty.
The rejection by the EU Parliament Thursday of a data sharing agreement with the United States is likely to leave U.S. investigators without timely access to European banking data for the second month in a row.