The European Parliament has approved the controversial SWIFT bank transfer data sharing agreement between the European Union and the US.
A total of 484 MEPs voted for the agreement to be passed, while 109 voted against and 12 abstained. The agreement will now come into force on 1 August.
The deal means that the EU will send the US information on bank transfers considered to be linked to terrorism.
MEPs had rejected the first draft of the agreement in February, citing civil liberty issues. German MEP Alexander Alvaro, who drafted the new agreement, said that these concerns had been taken onboard in the new version.
"Parliament sent a very clear message in February. We made it known that the Lisbon Treaty has given us more opportunities and more responsibility. During the negotiations, Parliament was able to make sure that improvements were incorporated into the agreement," he said.
As part of the changes, the Europol criminal intelligence agency will have the ability to block data transfers to the US, and will check that each request is justified by counter-terrorism needs and that the amount of data requested is as small as possible.
EU citizens are now also guaranteed the same judicial redress as applied to data held in the US.
However, voices of dissent were heard during the passing of the agreement. Six MEPs signed a document in which they claimed that the deal represents "a clear violation of EU legislation on data protection".
Robin Fry, a partner at law firm Beachcroft LLP, told V3.co.uk earlier this week that, despite new safeguards, the laws on data privacy in the US are "an impenetrable mess".
"With its complexity and lack of a single regulator like the Information Commissioner, individuals here really have no hope of finding out what happens to their personal information once it crosses the Atlantic," he said.
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