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Oversight Hearing onTerror Finance Tracking Program

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Follow-up to postings on terrorist financing programs, the House Committee on Financial Services hearing entitled “The Terror Finance Tracking Program,” Tuesday, July 11, 2006.

  • Opening Statement of Full Committee Chairman Michael G. Oxley
  • Prepared Testimony: Stuart Levey, Undersecretary for Terrorism and Financial Intelligence, Department of the Treasury: “…SWIFT is predominantly used for overseas transfers. It does not contain information on most ordinary domestic transactions made by individuals in the United States, such as deposits, withdrawals, ATM use, checks, or electronic bill payments. The SWIFT data consists of records of completed financial transactions; it does not provide access to individual bank account information. This program is consistent with privacy laws as well as Treasury’s longstanding commitment to protect sensitive financial data.”
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