Data protection central to fighting financial crimes, says EU watchdog

The European Data Protection Supervisor Wojciech Wiewiorowski says the European Commission (EC) should make data protection a golden standard as EU combats money laundering and the financing of terrorism.

The EC is drawing up an action plan for a comprehensive policy on preventing what is known as AML/CFT.

Wiewiorowski recommends appropriate safeguards are in put place with future legislation to guarantee compliance with the principles of data minimisation, purpose limitation and data protection-by-design, as well as the right of individuals to be informed when their data is collected and why it will be processed.

“The commission should strike a balance between the necessary measures to take for the general interest and the goals of the AML/CFT and the respect of the fundamental rights of privacy and personal data protection,” Wiewiorowski said.

He also encourages the EC to promote data protection principles when helping to set international standards.

 


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