There’s a double bill of tech in this week’s NLJ. Ian McDougall, EVP & general counsel, LexisNexis Legal & Professional, sets out what lawyers need to know about artificial intelligence (AI). Nick Barnard, partner, Corker Binning, reports on new legislative tools being used by enforcement agencies to seize, freeze or destroy cryptoassets
McDougall explains what AI is, how it works, the difference between extractive and generative AI, and why lawyers should embrace closed AI models. From the Turing Test to large language models, his engaging, easy-to-understand article cuts through the hype. He writes: ‘It is not on a quest for truth and morality… It uses statistical analysis to predict the next most sequentially probable word and then produce it.’
Barnard looks at recent amendments to the Proceeds of Crime Act 2002 that introduce crypto-wallet freezing orders and crypto-wallet forfeiture orders. Criminals love cryptoassets due to the fact they’re easy to hide and difficult to trace. Barnard explains why he thinks judges and magistrates are unlikely to refuse applications for the new freezing and forfeiture orders. He offers tips on how to advise clients who are on the receiving end of such orders.
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