EC Launches New Drive for EU/US Bank Data-Sharing Agreement

The European Commission began work on a new set of negotiations with the U.S. on the transfer of E.U. citizens' bank data for counterterrorism purposes Wednesday, after a previous agreement was vetoed by the European Parliament last month. The agreement is needed because while European data protection laws prohibit the passing of personal data to the U.S., American authorities say the data has been a valuable tool with which to track the funding of terrorist acts.