Law Enforcement Agencies Will Be Given Access to EU Bank Account Holders’ Data

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The European Parliament and the Council of the European Union accepted a proposal made by the European Commission to expedite the process of providing law enforcement agencies’ cross-border access to financial information in case of serious criminal investigations conducting.

The proposals of the so-called security units, first put forward in April 2018, will provide the police and asset-recovery offices with direct access to information on bank accounts holders contained in national centralised registries of bank accounts. This will allow the authorities to determine in which banks the suspects have accounts opened.

After the proposal enters into force, the EU member states will be given 24 months to implement this rule into national legislation.