EU-USA Privacy Protection Legislation and the Swift Bank Data Transfer Regulation: A Short Look

Rastislav Funta

Abstract

Although the European Union (EU) and the United States (USA) share common values of democracy, rule of law and respect for human rights and fundamental freedoms, there is a critical importance of providing a high level of effective protection of personal data, in particular in the international financial transactions (SWIFT). In a globalizing economy a widespread increase in the availability and use of computers and computer networks creates threats to the privacy. To protect individuals against inappropriate uses of personal data and to ensure the economic benefits of trade liberalization, a more stringent protection of data privacy is needed. The aim should be here protection of personal data while processing and exchanging information for law enforcement purposes. European Commission's Communication from 10 June 2009 states that “Union must be a driving force for behind the development and promotion of international standards for personal data protection and in the conclusion of appropriate bilateral or multilateral instruments. The work on data protection conducted with the United States could serve as a basis for future Agreements.”1 The purpose of this paper is to examine and analyze the current legal framework on data protection in the EU and USA.

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