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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

NLJ career profile: Liz McGrath KC

NLJ career profile: Liz McGrath KC

A good book, a glass of chilled Albarino, and being creative for pleasure help Liz McGrath balance the rigours of complex bundles and being Head of Chambers

Burges Salmon—Matthew Hancock-Jones

Burges Salmon—Matthew Hancock-Jones

Firm welcomes director in its financial services financial regulatory team

New Square Chambers—Alexander Farara

New Square Chambers—Alexander Farara

Chambers welcomes new member

NEWS

Law school partners with charity to give free assistance to litigants in need

Magic circle firms, in-house legal departments and litigation firms alike are embracing more flexible ways to manage surges of workloads, the success of Flex Legal has shown

Magic circle firms, in-house legal departments and litigation firms alike are embracing more flexible ways to manage surges of workloads, the success of Flex Legal has shown

Walkers and runners will take in some of London’s finest views at the 16th annual charity event

Law school partners with charity to give free assistance to litigants in need

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