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The end of data privacy in Europe

In a shocking move to
quell the issues of terrorism and money laundering in Europe, the
European Commission is apparently drafting the Financial Transaction
Transparency Directive (FTTD), which imposes draconian laws on all
European banks to release financial data to the Commission on demand.

This
follows the subpoena impact of the US Government on SWIFT and other
agencies over the past few years, and the feeling that the Commission
needs the same capabilities.   Equally, there is a growing resentment
amongst those in Brussels at the interference of the US government in
European banking activities and so they want to get their own back.

What is the FTTD? 

In
effect, it is a method for the European powers to gain full access to
all bank details of any monetary movements that pass through any
European bank office.  This will include all direct debits, credit
transfers, card payments, as well as any loan, mortgage, overdraft,
cash transaction, money transfer, PayPal payment … you name it.

Now,
you may well have thought they had these powers already and, to be
honest, at a country level most governments do have such powers.  But
the big issue here is that this power base now moves to Brussels.

So
little Johnny Brit making his payment for six cans of beer will be
tracked.  Jean Franco will be liable for his purchase of vignt
Gitanes.  And Jurgen Germanic will be noticed if he passes through a
certain car park in Hamburg.

All under the auspices of Euro border threats.

We should speak out about this and, if you agree, then clickthrough and learn more about this awful Directive here.

About Chris M Skinner

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here…

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