Signature of EU-US agreement on financial messaging data for purposes of the US Terrorist Finance Tracking Programme (TFTP)
The European Union and the United States of America signed today an EU-US agreement on the processing and transfer of financial messaging data for purposes of the US Terrorist Finance Tracking Programme (TFTP). The signature follows the adoption by the Council — via a written procedure — of a decision plus accompanying declarations (11222/1/10 REV 1, 11222/1/10 REV 1 COR 1 and 11350/2/10).
The agreement was signed by Alfredo PÉREZ RUBALCABA, Minister of Interior of Spain, on behalf of the European Union, and by Michael DODMAN, Chargé d’affaires of the US Mission to the European Union, on behalf of the United States of America, in the presence of Cecilia MALMSTRÖM, European Commissioner for Home Affairs.
The agreement will now be transmitted to the European Parliament which needs to give its consent by a majority of its members before the agreement can enter into force. The next possibility for the European Parliament to vote on the agreement is during the plenary session from 5–8 July 2010.
The agreement is meant to allow the US Department of the Treasury to receive financial messaging data stored in the EU in order to allow targeted searches for counter-terrorism investigations, while ensuring an adequate level of data protection. Once approved, the agreement will run for five years. It will automatically extend for subsequent periods of one year unless one of the parties notifies the other of its intention not to extend the agreement.
Under the TFTP, the US Department of the Treasury seeks to identify, track and pursue suspected terrorists and their providers of finance. It was set up shortly after the terrorist attacks of 11 September 2001. Relevant results of the US analysis have been shared with EU member states and have contributed to effective investigation and prevention of terrorist attacks, including attacks on EU citizens.
Council of the European Union