SWIFT, a world-wide corporation specializing in providing communication layers between banks in over 206 different countries and between 40.000 financial institutions was caught having been releasing confidential information to USA authorities for years with the complicy of European Central bank.

In the last week of September, Belgia Data Privacy Commission released SWIFT actions to public.

In 4th October, SWIFT CFO Francis Vanbever arrogantly commented in hearing at the European Parliament, that it was “disturbed” it had not been allowed to comment on the information before it was made public.

He also told “The commission’s report contains inaccuracies and is only one interpretation of the law. SWIFT had no choice but to comply.”

Releasing confidential information of millions and millions of private European bank transaction to USA Central Intelligence Agency and other USA authorities is something, which clearly European laws shouldn’t allow. In any case, according to Belgia privacy commision, this wasn’t legal in Belgia, the country where the SWIFT operates from.

The release, which certainly was a scandal for SWIFT and European Central Bank, received little media time and SWIFT newer issued a statement saying it would stop releasing the information. European parliament MEPs managed only to establish an ad-hoc group to investigate the matter and SWIFT told the focus should be taken away from its actions to establishing of a legal framework to make the law clear between privacy and security.

If it is not made clear, that private corporations can not secretly breach the European law on the request of US authorities, then what is stopping all sorts of private and confidential information on EU citizens being illegally sent to US?

Source: SWIFT, Herald Tribune