The European Union has been trying to revamp its 19-year old data protection framework for the past two years. Last week, the European Parliament took a step forward, and approved its version of the draft Data Protection Regulation, which includes much bigger fines for data processors, tighter restrictions for transferring data outside the EU, and an expanded right of data subjects to have certain personal data erased by data controllers. At the same time, the Parliament took another shot at the U.S.-European Union Safe Harbor Framework and the sharing of financial intelligence for counterterrorism. By agreeing on its version of the draft Data Protection Regulations, the current EP hopes that the new Parliament that comes into place after May elections will build on their amendments, rather than restarting the drafting process. The hard part is still to come, however, as the Council of the European Union is also preparing its own draft, and the two institutions will eventually negotiate their respective amendments.