Belgian Prime Minister Verhofstadt today announced the conclusions of the Belgian Data Privacy Commission advisory report on SWIFTâs compliance with subpoenas issued by the United States Department of the Treasury (UST) for its ongoing terrorism investigations.
The advisory report states that SWIFT was caught in the middle of a conflict between Belgian and US law.
âThe review has raised important issues about the balance between data privacy for consumer protection purposes and use of financial data for security and counter-terrorism purposesâ, said SWIFT CEO Leonard H. Schrank. âWe wholeheartedly support calls for US and EU authorities to work together to develop an improved framework to reconcile data privacy protections with todayâs pressing security concerns.â
SWIFTâs US branch has been subject to valid and compulsory subpoenas which required it to transmit a limited subset of its stored message data to the US Treasury. SWIFTâs compliance was legal, limited, targeted, protected, audited and overseen. In doing so, SWIFT obtained unique and extraordinary protections and assurances to protect the confidentiality of its membersâ data. SWIFT also did its utmost to comply with the European data privacy principles of proportionality, purpose and oversight.
SWIFT welcomes the opportunity to contribute to the discussions going forward, and in the meantime we will continue to work with our members to resolve any data privacy concerns.
SWIFT values the trust that our members have placed in us for more than 30 years and we will continue to work vigorously to protect and maintain that confidence.