SWIFT Agreement

Sylvia Kierkegaard

US war on terror EU SWIFT(ly) signs blank cheque on EU data

The EU and the United States signed the Terrorist Finance Tracking Program (also known as SWIFT Agreement) agreement giving the US authorities access to bulk data containing the millions of records in the EU to enable the US authorities to trace financial transactions related to suspected terrorist activity (or to put it bluntly, against US interest). The SWIFT Agreement added some data protection safeguards, but the United States has been found to circumvent the agreement with the aid of the Europol. The EU Commission and the Europol have classified all documents concerning the SWIFT Agreement as secret. EU citizens confront a dark future where unelected EU bureaucrats continue to betray the trust of the people handing out bulk data to “counter terrorism” but at the same time undermining cherished values and violating human right standards and principles.

Computer Law & Security Review
Volume 27, Issue 5, September 2011, Pages 451-464