WASHINGTON– July 15 2024 –The Global Data Alliance strongly supports the work of the Organisation for Economic Cooperation and Development (OECD) in connection with the Data Free Flow with Trust (DFFT) Expert Community. To that end, the GDA is lending its support to the OECD Secretariat as it develops the future agenda and workstreams of the DFFT Expert Community.
On July 15, the GDA offered its recommendations relating to the OECD’s work on cross-border payments and financial data transfers. The GDA encouraged the OECD DFFT Community to take into account financial data transfers broadly; regulatory contexts beyond anti-money laundering and personal data protection; and the importance of cross-border access to financial digital tools and data analytics. The GDA also urged the OECD DFFT Community to consider articulating a broader set of principles regarding financial data more broadly, including insurance, banking, securities, accounting, and market research data. These principles should reflect the Community’s support for cross-border financial data transfers as a means of enabling and facilitating various cross-border financial regulatory objectives and other legitimate policy priorities.
This submission reinforced the GDA’s earlier support for the OECD DFFT Expert Community through the GDA’s May 2024 submission regarding appropriate research and analysis to help build trust in cross-border data transfers.