EU To Launch Finance Tracking System
Brussels -- Wednesday 13 July, 2011
I'm welcoming the announcement that the EU aims to create its own terrorist financing tracking programme. The Commission last year agreed a data transfer agreement with the USA, known as the 'Swift agreement' after the organisation which provides a global messaging service for financial transactions. A controversial series of votes in the European Parliament last year saw the Swift agreement temporarily overturned by MEPs, but the proposals published today give the EU the opportunity to build a programme that is consistent with its own values and which compliments the USA's efforts.
The commission agreed with the parliament that it would bring forward an EU in-house terror financing programme as a response to a request from MEPs during the negotiation stage of the transfer agreement with the USA. It's important to stress that an in-house EU system does not mean that transatlantic cooperation should in any way be diminished. In fact I believe it will be enhanced by having an extra pair of eyes analysing data.
I put out the following statement today:
"The EU has negotiated a very strong agreement with the USA for transferring data on potential terrorist financing. However, it also makes a great deal of sense for the EU to also have its own terror finance tracking scheme. We have an opportunity to create a tool to fight terrorism on the European level, creating proportionate, well balanced, and effective legislation which is reflective of European values, fundamental rights, and high regard for personal data protection."
"As Rapporteur on the EU PNR Agreement, which to all intents and purposes in the aviation version of the SWIFT Agreement, I think it's important we have our own systems in place to trace and eliminate terrorist threats. Our efforts so far have been dependent on the USA's operations whereas they should be complimentary to them. With an EU PNR system and an EU terrorist finance tracking programme we will have the tools we need to fight terrorism."
