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 newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags privacyregulationeuropean commission

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

Jennifer Baker

IDG News Service
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Cate Bacon

Aruba Instant On AP11D

The strength of the Aruba Instant On AP11D is that the design and feature set support the modern, flexible, and mobile way of working.

Dr Prabigya Shiwakoti

Aruba Instant On AP11D

Aruba backs the AP11D up with a two-year warranty and 24/7 phone support.

Tom Pope

Dynabook Portégé X30L-G

Ultimately this laptop has achieved everything I would hope for in a laptop for work, while fitting that into a form factor and weight that is remarkable.

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?