The European Parliament has approved the five-year SWIFT-II agreement over the transfer of financial message data between the US and the EU. The agreement covers access to the information by investigatory and regulatory bodies engaged in combating fraud and terrorism. The agreement has already been criticised for not providing proper protection for EU citizens. The agreement will be renewed automatically on an annual basis unless it is terminated by either party.
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Agreement on financial message data
- Bird & Bird
- European Union
- December 17 2010
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Edward J. Willey III
Corporate Counsel
Huawei Technologies (USA)