17 October 2007

SWIFT Pulling Payment Processing Out of US Due to Security Concerns

SWIFT, the international payments processing body, is pulling the processing EU banking data from the US because its presence in the US required it to provide data to the US state security apparatus in violation of EU laws.

Given the general lawlessness in the US with regards to civil rights and privacy these days, it's the only prudent thing to do. Right now, banking transaction data is probably more secure in the People's Republic of China than it is in the US.

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