European lawmakers have approved a resolution that calls for US anti-terrorism investigators to be denied access to the global banking database, SWIFT. The decision followed revelations about American spying activities. Lawmakers in the Brussels parliament voted by 280 to 254 in favor of the resolution on Wednesday to suspend US access to the global database because of concerns that the powers were being abused. There were 30 abstentions.
The vote followed leaks by former US intelligence operative Edward Snowden, which suggested that the US National Security Agency (NSA) used the Belgium-based system of international bank transfers, SWIFT, to snoop on the EU.[DWnews]
According to Lichtblau’s Bush’s Law, the swift database appears to track even more information than tax havens would ever collect.
The routing instructions that the company used to move money around the globe often included much more detailed data than any other system: passport information, phone numbers and local addresses, critical identifying information about the senders and the recipients, the purpose of the transaction, and more.
When Alan Greenspan helped persuade SWIFT to continue offering US access to the database, he admitted how dangerous it was.
“If the world’s financiers were to find out how their sensitive internal data was being used, he acknowledged, it could hurt the stability of the global banking systems.” [emptywheel]
Posted inPrivacy|Taggedswift|Comments Off on Swift and bank stability
The European Parliament has adopted the so-called SWIFT agreement on 8 July 2010 allowing sharing EU citizens’ bank data with the US authorities, but failing to stick to its initial position on privacy safeguards from February 2010. (..) However, even the data protection European bodies – EDPS and the Article 29 Working Party – have underlined that the current agreement does not meet the European privacy standards. (..) There have been reports that the US Treasury has received up to 25% of all SWIFT transactions, which number in the billions each year. (via)
Seems that the EP still cannot guard basic privacy rights for EU citizens.
5 Years more of lack of civil rights as financial privacy. This adds to the believe that the EU is still toothless and doesn’t fend with the power, it really should have!