June 29, 2007

US and EU Reach Tentative Agreement on Financial Data-Sharing

A new agreement between the Bush administration and the European Union will allow the United States government to continue a once secret program to obtain banking records from a Brussels-based consortium for use in counterterrorism investigations, American and European officials said Thursday. In the deal, announced by the European Union late Wednesday, the Bush administration has agreed to impose new privacy safeguards on the program, which gives the Treasury Department and the Central Intelligence Agency access to one of the global banking system’s most important conduits of international financial records. In one provision of the agreement, the United States has agreed that it will keep the banking data collected under the program for only five years, officials said.

U.S. Reaches Tentative Deal With Europe on Bank Data, New York Times, June 29, 2007.