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EU May Allow US To Keep Snooping On European Bank Data

Posted by kdawson on from the security-one-privacy-zero dept.

zaphod2 alerts us to a storm brewing in Europe over access by US intelligence agencies to EU banking data. There is considerable opposition in Europe to extending this access. The submitter adds, "I wonder how long it takes until gambling, online games, or non-RIAA-approved music shops are considered supporters of terrorism." "US anti-terror officials want to be able to continue examining Europeans' financial transactions, and it appears likely that the European Union is going to comply. ... The US has been examining transactions handled by the Society for Worldwide Interbank Financial Transactions (SWIFT) since the 9/11 attacks... However, SWIFT, which is located in Belgium, is planning to move its servers and database — which is currently located in the US — to Europe. With data privacy laws far stricter in Europe, the US would then need permission from the EU before it could gain access to this sensitive information."

6 of 206 comments (clear)

  1. The US wants their tax money by michaelmanus · · Score: 2, Interesting

    There is tons of talk like this about swiss banks forcing US clients out. I guess the they're caving under pressure.
    What I'm curious about are other tax havens people have been using in recent times above and beyond swiss banks...

    1. Re:The US wants their tax money by Anonymous Coward · · Score: 3, Interesting

      Yup - most offshore jurisdictions currently shun US citizens due to their rulers tendency to demand full access, and control of their subjects assets. Offshore jurisdictions only deal with customers from authoritarian regimes if they happen to be relatively powerless on the world stage.

      I regard the latest developments as merely a marketing push by the US of their offshore jurisdiction - Delaware - and a way to use political might in order to squash competition within the finance segment.
      Delaware is one of the very few jurisdictions that are still able to offer completely anonymous banking/corporate services (through use of bearer shares), a service that cannot be obtained in Switzerland, Luxembourg or any of the offshore jurisdictions in Europe.

      Macao also offers true anonymous banking and as they are now a part of China (who also wants to compete in the offshore segment and therefore refuses to allow the G20 to put Macao on any of its grey or black lists). Other jurisdictions that can be interesting for US tax subjects are Singapore, Dubai, Panama, the Seychelles, Mauritius and a bunch of other ones.

      I personally think that we are beginning to see a "new financial Berlin wall" that is starting to separate the former powerhouses of the "old" economies from that of the "new" economies (BRIC and Africa ).

      The behaviour displayed by the US in this matter has caused me and many of my colleagues to abandon any forms of business that in any way touch US based companies or individuals.

      - As we're basically forced to choose between investments into EU/US (who are currently seeing their economies shrink) and the rest of the world (where we see strong economic growth) - we have basically chosen to abandon the US and US persons in our business dealings (We're in the business of making money - not propping up irresponsible governments).

      Posting this anonymously due to the political sensitivity of these issues... I have very little faith in the rule of law once large sums of money are involved.

  2. Re:As long as someone does it. by sproot · · Score: 5, Interesting

    You'd be thinking of this

  3. Re:The EU is a totalitarian government by Corporate+Troll · · Score: 2, Interesting

    The part of the EU government that is actually elected by the people, has absolutely no say in these matters.

    Yes, and isn't it ironic that the European Constitution, rejected by so many of the Europeans, was about to change that? (Linky)

  4. Re:We protect the rights of our citizens... by PastaLover · · Score: 2, Interesting

    Ehm, doesn't SWIFT process international transactions by americans as well?

  5. Re:The EU is a totalitarian government by Richard+W.M.+Jones · · Score: 2, Interesting

    The parent post is quite correct, not a troll. If you don't believe it, read the constitution (sorry, I mean "Lisbon Treaty"). I have, perhaps one of the very few here who have done so, and it's disgusting.

    --
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