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Friday, October 27, 2006

Privacy concerns about SWIFT

Concern continues about the privacy implications of US monitoring of international funds transfers through the SWIFT interbank cooperative. This report "Personal bank deals caught in SWIFT net" in the Australian says the Belgian Privacy Commissioner has found that SWIFT breached Europe's data protection laws and exposed millions of private transactions to US scrutiny. Earlier Swiss and German regulators had come to similar conclusions.

The Australian Privacy Commissioner is still considering requests from the Australian Privacy Foundation to investigate whether Australian financial institutions complied with the Federal Privacy Act in utilising the SWIFT system.

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