The US government is ready and willing to negotiate an agreement with the European Union that will allow it to use data it considers critical "in countering illicit finance and transnational terrorism," a Treasury official said on Wednesday.
The European Parliament, citing privacy concerns, rejected an interim agreement in February to give the United States access to data on international funds transfers that was moved to a storage site in Europea earlier this year, the Treasury official, David Cohen, said.
Now, the continued operation of the Terrorist Finance Tracking Program, which relies on the data, "is in doubt," said Cohen, who is the assistant secretary for terrorism and financial intelligence.
"For our part, the US stands ready to negotiate an agreement that ensures the long-term operation of this crucial tool that has provided valuable, actionable information not only for the United States, but for jurisdictions around the globe," Cohen said, according to remarks prepared for delivery at the Washington Institute for Near East Policy. Europeans had been worried that the data could be mined, which would lead to violations of citizens' rights to privacy.
Cohen said the European Commission has proposed mandating a long-term agreement that will give Europeans "sufficient negotiating ability." He dismissed criticisms of the Treasury program, saying a French judge who evaluated it on behalf of the EU found it had "implemented significant and effective controls and safeguards that ensure the protection of personal data."
In his speech, Cohen also said that al Qaeda "is now in the worst financial shape it has been in for years." "But al Qaeda is not disabled, nor is it bankrupt, and our progress in degrading its financial strength will not be lasting without continued, vigorous efforts," he added. He said other groups, such as the Taliban and Hamas, still receive support from sympathetic governments, non-governmental organisations and commercial undertakings.