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Deutsch: EU-Bedenken über US-Pläne zur Ausweitung des Zugriffs auf Bankdaten
The EU Commission and MEPs have requested clarifications from US Administration regarding the plans to extend existing anti-terrorism programs targeting bank transfers which would make the EU-US so-called Swift agreement invalid.
The Washington Post announced on 27 September 2010 that the Obama administration wanted to require U.S. banks to report all electronic money transfers into and out of the country thus helping the authorities in spotting transfers that might finance terrorist attacks. The expanded financial data would allow anti-terrorist agencies to better understand normal money-flow patterns in order to track down abnormal activities.
According to the Financial Crimes Enforcement Network's (FinCEN) rulemaking proposal, the US Financial institutions will be required to report to the Treasury Department the smallest transfers. Presently, only transactions in excess of 10 000 USD and others transactions considered as suspicious are reported.
US authorities plan to gather information about 750 million transfers per year into a database that will be used by law enforcement and regulatory agencies. The data attached to such transfers usually include the name, address and account number of the sender and recipient and for money-service businesses, a driver's license or passport number. The proposal also requires the banks to provide the Social Security numbers for all wire-transfer senders and recipients on an annual basis.
"By establishing a centralized database, this regulatory plan will greatly assist law enforcement in detecting and ferreting out transnational organized crime, multinational drug cartels, terrorist financing and international tax evasion," was the explanation given by James H. Freis Jr., director of FinCEN.
FinCEN's proposal comes as a result of the requirements of the Intelligence Reform and Terrorism Prevention Act of 2004 which asked the Secretary of the Treasury to study the feasibility of requiring such financial institutions as the Secretary determines to be appropriate to report to the Financial Crimes Enforcement Network on certain cross-border electronic transmissions of funds, if the Secretary determines that reporting of such transmissions is reasonably necessary to assist the efforts of the Secretary against money laundering and terrorist financing.
This move has created great concern in the EU. "We urgently seek clarifications from the US if these plans are an infringement of the Swift agreement and the EU commission promised to demand further information on it," stated MEP Sophie in't Veld after a closed-door meeting with Commission officials on 27 September.
Under the present Swift agreement that came into force on 1 August 2010, US officials can request European data relevant to a specific terrorist investigation from Swift but the request must be approved by the Europol, EU's police co-operation unit, and has to meet certain requirements. However, in view of the new US plans, the transactions between the European and USA banks would be captured even if there is no substantiated need.
"We see so many data transfers - passenger name records, Swift data, credit card information connected to the travel fee - that we are wondering where all this ends," stated Sophie in't Veld who added "We are all getting a bit tired of being taken by surprise all the time. The US is our friend and ally, so we shouldn't be treated this way."
The plans are criticised in the USA as well. "This regulation is outrageous. (....) I believe you need to show some evidence of criminality before you are granted unfettered access to the private financial affairs of every individual and company that dares to conduct financial transactions overseas," said lawyer Peter Djinis, former FinCEN executive assistant director for regulatory policy.
Money transfers could face anti-terrorism scrutiny (27.09.2010)
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/26/AR2010...
FinCEN Proposes Regulatory Requirement for Financial Institutions to Report
Cross-Border Electronic Transmittals of Funds (27.09.2010)
http://www.fincen.gov/news_room/nr/html/20100927.html
MEPs demand explanation on US plan to monitor all money transfers (28.09.2010)
http://euobserver.com/9/30905/?rk=1