Central Banking

SWIFT broke laws - EU committee

SWIFT, an international financial data transfer agency, breached European data privacy laws in handing over personal data to American investigators, according to a report by a European Union committee.

The report states: "SWIFT committed violations of data protection laws by transferring data to the US." It recommends that SWIFT and financial institutions must immediately take the necessary measures to end this illegality." The EU committee lacks any enforcement powers over such matters and an