The European Commission has presented the results of its review of the US Treasury Department’s undertakings to the European Union regarding the Terrorist Finance Tracking Programme (TFTP). The TFTP was developed after the September 11 terrorist attacks to assist in the prevention and prosecution of terrorist activity. Under the TFTP, the Treasury Department can subpoena details of financial transactions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
The undertakings, known as the TFTP Representations, were given in June 2007 by the Treasury Department to the European Union. They concerned principally the use of the personal data, how it was to be protected and how long it was to be retained.
The Commission’s review, which began in March 2008 and was led by Judge Bruguière, found that the TFTP Representations acted as a sufficient safeguard to the personal data of EU citizens. The review further provides recommendations to ensure that the TFTP Representations continue to remain effective and, where possible, are enhanced.