EU Signs Agreement to Share Banking Data With US

The EU has today agreed to continue sharing European bank data with the USA to help fight terrorism.

This decision comes after the EU initially rejected a proposal to extend information sharing due to privacy concerns.

The Washington Post today reported that the liberal members of the European Parliament insisted on stronger privacy guarantees before backing the five-year agreement.

The new pact is due to take effect on 1 August, and will allow US officials to request European financial data relevant to a specific terrorist investigation if they can substantiate the need for the information.

An independant third party will continue to monitor the sharing of wire transaction information as this was stipulated in a resolution adopted by members of the European Parliament back in May.

European officials have stated their intention to implement a filtering system across the region within five years to isolate relevant information and avoid the need to send data in bulk to the US.

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