22 December 2006

SWIFT welcomes announcement by European Commission Vice-President Frattini to open talks with US Government

Recent developments conclude 2006 on optimistic note

At an extraordinary Board meeting via teleconference held on December 21, 2006, the SWIFT Board of Directors was briefed on recent developments on the subject of SWIFT’s compliance with compulsory subpoenas for terrorism investigations by the United States Treasury Department.

The Board welcomes the announcement made earlier this week by European Commission Vice President for Justice, Freedom and Security, Franco Frattini, that he plans to initiate discussions in early January, 2007, with the US Government to address matters surrounding the SWIFT case.

The Board was also briefed on recent meetings between SWIFT and data privacy officials from Belgium and the Article 29 Working Party. SWIFT will be working with its member banks on improving information and transparency and other matters of concern to European data privacy officials.

The Board was also briefed on the decision by the Belgian Federal Prosecutor that he has not pursued legal matters any further. SWIFT has always maintained it did its utmost to protect its members’ data and to comply with applicable laws in all its jurisdictions.

SWIFT is pleased that 2006 is ending on these positive notes and wishes all its members around the world a safe and sound holiday season and new year.

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