A trans-Atlantic dispute over US snooping on international financial
transactions is turning into a full-blown test of legal authority, with
US security interests on the one side and European privacy guardians on
the other.
The Europeans believe this could also be as much a test for
international business as international law, with Swift, the Belgian
firm that has been caught in the middle, feared to be just the first
case of many in which a firm has had its privacy trounced by zealous US
anti-terrorist investigators.
The test is whether European law has competence over US claims to
data held by European firms. It does not look at all certain whether it
does, but The Register understands that the EU is planning to walk and talk like it does.
9:33:24 PM 
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