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EU-USA: "SWIFT" agreement (2007) documentation

01 June 2008

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SWIFT agreement documentation (link)

"Following press reports in June 2006, it was revealed that the US Treasury's Office of Foreign Assets Control ("OFAC") operating on the basis of powers under the TFTP has served administrative subpoenas on the Society for Worldwide Interbank Financial Telecommunication ("SWIFT")1. These subpoenas require SWIFT in the U.S. to transfer personal data held on its United States2 server to OFAC where they are used for counter terrorism purposes regarding suspected individuals or entities.... SWIFT is a Belgium-based company with offices in the United States and which operates a worldwide messaging system used to transmit, inter alia, bank transaction information. It has been estimated that SWIFT handles 80% of the worldwide traffic for electronic value transfers."

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