The pendulum of public sentiment swinging from concern for data privacy to security suggests now may be opportune for Europe to embark on a Terrorist Finance Tracking System (TFTS), says Paul Cochrane, whether independent or additive to the US Terrorist Finance Tracking Programme (TFTP).
Concerns about the US-EU Terrorist Financing Tracking Programme (TFTP) have abated, notably regarding oversight and data-sharing issues. But the issue remains controversial, with a potential EU version of the system being debated within the EU executive, the European Commission, whether to be standalone or complementary to the USA-promoted TFTP. Meanwhile, with Britain voting to leave the EU, renegotiations may have to take place whatever is decided by the remaining members of the EU.
The Terrorist Financing Tracking Programme (TFTP) caused a lot of controversy when it was exposed by the media in 2006. The programme, secretly enacted post September 11 2001, provides data to the US through an agreement with the Brussels-based Society for Worldwide Interbank Financial Telecommunication (SWIFT). In 2010, the European Union (EU) legitimised the agreement. It was slated for renegotiation in 2015, but the EU did not amend the treaty, meaning it has remained unchanged since 2010, prolonging the agreement for another year.
To read more: http://www.moneylaunderingbulletin.com/terroristfinancing/fuse-paper--terrorist-finance-tracking-in-europe--1.htm
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