EU will not track terrorists' financial data due to data security concerns

Blanket data collection would be intrusive and potentially insecure says law-maker

The European Union will not set up a Terrorist Finance Tracking System (TFTS) due to concerns about data security, according to a European Commission official.

There is currently a terrorist finance-tracking deal in place between the E.U. and the U.S that allows the U.S. Treasury to access some data stored in Europe by Swift, the Belgium-based banking data transfer network. There had been calls for a similar Europe-wide system to be set up. However Home Affairs Commissioner Cecilia Malmström announced Wednesday that would not happen in the foreseeable future.

"In order to extract data on E.U. soil it would be necessary to create and manage a new database containing all the information of E.U. citizens' financial transfers. The creation of such database would raise serious challenges in terms of the data storage, access and protection," Malmström said.

Malmström added that "any E.U. system would be data intrusive and would therefore require robust data protection guarantees and safeguards to be put in place. It would be costly and also technically and operationally demanding to set up and maintain."

On the same day, the Commissioner also announced that the agreement with the U.S. would continue.

Last month European politicians urged the suspension of the deal, following allegations that the U.S. National Security Agency has tapped into Swift data without going through legal channels.

Malmström said that she received written assurances from the U.S. government that they had not breached the terms of the agreement. She did say that another review of the agreement would take place early next year.

Follow Jennifer on Twitter at @BrusselsGeek or email tips and comments to jennifer_baker@idg.com.

Join the PC World newsletter!

Error: Please check your email address.

Tags securityeuropean commissionregulationgovernmentprivacy

Struggling for Christmas presents this year? Check out our Christmas Gift Guide for some top tech suggestions and more.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Jennifer Baker

IDG News Service

Most Popular Reviews

Follow Us

Best Deals on GoodGearGuide

Shopping.com

Latest News Articles

Resources

GGG Evaluation Team

Kathy Cassidy

STYLISTIC Q702

First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.

Anthony Grifoni

STYLISTIC Q572

For work use, Microsoft Word and Excel programs pre-installed on the device are adequate for preparing short documents.

Steph Mundell

LIFEBOOK UH574

The Fujitsu LifeBook UH574 allowed for great mobility without being obnoxiously heavy or clunky. Its twelve hours of battery life did not disappoint.

Andrew Mitsi

STYLISTIC Q702

The screen was particularly good. It is bright and visible from most angles, however heat is an issue, particularly around the Windows button on the front, and on the back where the battery housing is located.

Simon Harriott

STYLISTIC Q702

My first impression after unboxing the Q702 is that it is a nice looking unit. Styling is somewhat minimalist but very effective. The tablet part, once detached, has a nice weight, and no buttons or switches are located in awkward or intrusive positions.

Latest Jobs

Shopping.com

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?