US fights for access to EU bank data

THE US government has initiated a diplomatic offensive against threatened moves by MEPs to block a deal that gives American intelligence agencies direct access to European bank data.

Less than a month after MEPs forced the withdrawal of Bulgaria’s first nominee to the incoming EU Commission, the US campaign underscores the increasing power of the European Parliament.

Socialist, Green and Liberal opposition to the agreement means it is likely to be rejected when MEPs vote in Strasbourg next Thursday.

The nine-month interim deal, unanimously backed by EU governments, was designed to allow space for negotiations this year on a permanent deal.

The arrangements empower the US to track the flow of funds through the banking system by accessing information collected by the Society for Worldwide Interbank Financial Telecommunication (Swift), which registers international money transfers.

wrote US treasury under-secretary for terrorism and financial intelligence Stuart Levey in Europolitics, a specialist publication.

However, many MEPs argue the scheme flouts privacy. “The fight against terrorism is a priority, but the EU cannot be allowed to ride roughshod over its citizens’ fundamental rights,” said Socialist group leader Martin Schulz, a German MEP.

Read Entire Story in the Irish Times

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Tags: EU, EU government, international, money transfer., terrorism