EU, US reached agreement on financial data monitoring in terror probes

On June 28, 2010, the EU agreed to give the US access to information from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) in order to track the finances of suspected terrorists. In order to protect privacy on the interbank money transfer system, the US agreed to allow Europol to verify the validity of each information request. The US also granted the EU oversight over the use of EU citizens' banking data. Previous negotiations had been tense following the revelation of a once-secret CIA monitoring program, which drew sharp criticism from the EU. The agreement was approved by the EU Parliament on July 7, 2010.


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