data provides key insight into the financial support networks of terrorist organisations, helping to identify new methods of terrorist financing and persons involved in the US, the EU or elsewhere.
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Once the program was discovered, different organizations and government officials began to question the possible privacy violations from the unusually large amounts of confidential data that was obtained through the TFTP
After bitter negotiations, the European Parliament approved said SWIFT agreement on the sole basis that the Commission had committed to submitting its own proposal on a European TFTP
to Parliament and to Council.
This must be judged from the standpoint of the goal of the TFTP
, namely: "prevention and detection of terrorism or its financing, as well as investigations or prosecution in this area".
The secret document states that 'German members of the EP were behind the move against the TFTP
in the European Parliament' with 'tacit support' from the FDP, Westerwelle's party (the liberals, in power with the conservatives led by Angela Merkel), 'or even from experts from the Ministry for Justice and Foreign Affairs'.
Transparency rules for the American TFTP
are more detailed (Article 14).
The Commission, for its part, will present a communication within a year with the outlines of a European TFTP
and in three years it will produce a report on progress thus far.
If there is still no European TFTP
after five years, the Council agrees to challenge renewal of the transatlantic agreement.
The agreement on the transmission to the United States of European interbanking data in the context of fighting terrorism - the TFTP
programme (Terrorist Finance Tracking Programme) or the SWIFT agreement - is now in the hands of the European Parliament.
gives the US Treasury access to the data of SWIFT, the Belgian firm that manages the transfer of data of 8,000 institutions and banks in 200 countries.