EP resolution on SWIFT data transfer
15 February 2007
The European Parliament issue a resolution stressing that during the last few years several agreements prompted by US requirements have led to a situation of legal uncertainty with regard to the necessary data protection guarantees. “The natural consequence would be for SWIFT to be obliged to stop its current practice of mirroring all data concerning EU citizens and enterprises in its US site or to move its alternative database site outside US jurisdiction”,, the resolution states.
The resolution calls on the ECB:
as SWIFT overseer, to explore solutions in order to ensure compliance with data protection rules and to ensure that rules on confidentiality do not prevent information from being supplied in good time to the relevant authorities;
as user of the SWIFTNet-Fin, to explore solutions to bring its payment operations into compliance with data protection legislation, and to prepare a report on measures taken no later than April 2007;
as policymaker, to ensure, in cooperation with central banks and financial institutions, that European payment systems, including the future 'TARGET2' system of payments fully comply with European data protection law.
Resolution
© Graham Bishop
