The European Parliament seems set to approve the so-called “Swift Pact” this week in a second vote. The Parliament had rejected an initial deal between Washington and the European Commission on U.S. access to financial transactions – ostensibly on grounds that it violated privacy rights but also, as parliamentarians avow, because the parliament wanted to assert its new authority gained in the Lisbon Treaty.
Now, after some changes in the Commission’s terms with Washington, the pact seems set to go through. Passage will activate provisions for the U.S. Treasury to get access to data about financial transfers (often via the system known as SWIFT) for the purpose of identifying terrorists’ financial activities. In February, the Parliament rejected the initial SWIFT pact on grounds that it did not include enough measures for privacy protection.