This is kind of interesting. The governments of the EU countries tried to suck the US government's cock by pushing this through one day before it could be blocked by the parliament. It seems that they didn't read the fine print in their haste and now the whole thing is in shrambles.The European Parliament has blocked a key agreement that allows US anti-terror officials to monitor Europeans' bank transactions.
The vote was a rebuff to intensive US lobbying for EU help in counter-terrorism investigations. EU governments had negotiated a nine-month deal which would have allowed the US to continue accessing the Swift money transfer system.
But Euro MPs said the deal provided insufficient privacy safeguards. Lawmakers in Strasbourg voted 378-196 against the deal, with 31 abstentions.
Secret access
The US started accessing Swift data after the 11 September 2001 terror attacks on New York and Washington. But the fact that the US was secretly accessing such data did not come to light until 2006.
Last week the Greens' home affairs expert, Jan Philipp Albrecht MEP, said that in backing the new deal the European Commission and EU governments had "not respected the fundamental criticism about the lack of sufficient protections with regard to privacy and the rule of law".
The leader of the Socialist group, Martin Schulz MEP, said: "We want a new and better deal with proper safeguards for people's privacy."
Tracking the funding of terror groups globally has been a priority for Washington since the 2001 attacks. Swift handles millions of transactions daily between banks and other financial institutions worldwide. It holds the data of some 8,000 banks and operates in 200 countries.
At least sometimes the EU parliament is good for something.
