Feeds

Europe approves US mass data grab

Feds get all our bank info

Choosing a cloud hosting partner with confidence

Europe has signed a deal to hand over all bank transaction data to the US in order to help the ongoing war on terrorism.

The SWIFT agreement was signed yesterday in Brussels by Spanish minister for home affairs Alfredo Pérez Rubalcaba and the US embassy's economic economic officer to the EU, Michael Dodman.

Rubalcaba welcomed the "excellent agreement", which he said had been reached after discussions with the European Parliament.

The treaty must now be approved by the European Parliament. Assuming it does pass it will be in force for five years.

IT gives the US Treasury access to bank transactions although there is now some filtering at the European end. The agreement will be overseen by Europol.

The Swift agreement was first approved in the wake of the 9/11 attacks. It lapsed in February after the European Parliament rejected an earlier draft.

The European Data Protection Supervisor remains unimpressed and has questioned the need for bulk transfers of data and the time such data is kept without being investigated by US authorities. The EDPS has also called for better oversight of the process.

Most of the world's bank transactions are transmitted by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), based in Belgium.

Read more here. ®

Remote control for virtualized desktops

More from The Register

next story
Bladerunner sequel might actually be good. Harrison Ford is in it
Go ahead, you're all clear, kid... Sorry, wrong film
Euro Parliament VOTES to BREAK UP GOOGLE. Er, OK then
It CANNA do it, captain.They DON'T have the POWER!
Musicians sue UK.gov over 'zero pay' copyright fix
Everyone else in Europe compensates us - why can't you?
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
Forget Hillary, HP's ex CARLY FIORINA 'wants to be next US Prez'
Former CEO has political ambitions again, according to Washington DC sources
prev story

Whitepapers

10 ways wire data helps conquer IT complexity
IT teams can automatically detect problems across the IT environment, spot data theft, select unique pieces of transaction payloads to send to a data source, and more.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Choosing a cloud hosting partner with confidence
Download Choosing a Cloud Hosting Provider with Confidence to learn more about cloud computing - the new opportunities and new security challenges.