EU-US Agreement

EU-US Agreement on the Processing and Transfer of Financial Messaging Data from the EU to the US for the Purposes of the Terrorist Finance Tracking Program is signed in Brussels
WHAT IS THE PURPOSE OF THE AGREEMENT AND THE DECISION?
The agreement between the European Union (EU) and the US, which aims to prevent, investigate, detect or prosecute terrorism or its financing, concerns the transfer of the following:
1. Financial messages relating to payments and financial transfers, as well as related data from designated EU providers to the US Department of the Treasury;
2. Relevant information from the US Department of the Treasury’s Terrorist Finance Tracking Program (TFTP) to EU countries’ law enforcement, public security or counter-terrorism authorities or to Europol or Eurojust.
The decision concludes the agreement on behalf of the EU.
The decision applies from 13 July 2010. The agreement entered into force on 1 August 2010 for a period of five years. After this period, the agreement is automatically extended for subsequent periods of one year, unless one party notifies its intention not to extend the agreement.