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NLJ this week: AI & crypto-wallet freezing

24 May 2024
Issue: 8072 / Categories: Legal News , Profession , Artificial intelligence , Technology , Crypto , Cyber , Cybercrime
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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.

MOVERS & SHAKERS

Mourant—Stephen Alexander

Mourant—Stephen Alexander

Jersey litigation lead appointed to global STEP Council

mfg Solicitors—nine trainees

mfg Solicitors—nine trainees

Firm invests in future talent with new training cohort

360 Law Group—Anthony Gahan

360 Law Group—Anthony Gahan

Investment banking veteran appointed as chairman to drive global growth

NEWS
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
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