This first of two special editions of ICLR news provides an in-depth report of the recent ICLR 2024 conference, together with a round-up of some related regulatory developments taking place in October. This year’s ICLR conference was expertly hosted by the Victorian Legal Services Board and Commissioner (VLSB+C) in Melbourne between the 16-18 October, and…
Group of 7 Bars and Law Societies Statements on Artificial Intelligence (AI)
The Japan Federation of Bar Associations (JFBA) has endorsed a significant international declaration, the “G7 Bars’ Statement on Artificial Intelligence (AI),” which was officially supported by bar associations and law societies across the G7 countries, including the USA, Germany, Canada, France, Italy, the EU, the UK, and Japan. This statement, formalized on March 21, 2024,…
Solicitors Regulation Authority: Convictions highlight Chinese ‘underground banking’ danger
The recent convictions of seven individuals involved in a Chinese underground banking network highlight the complexities and risks associated with money laundering through informal value transfer systems (IVTS). This network was responsible for laundering over £55 million between February 2020 and June 2023, utilizing methods that circumvent traditional banking systems and national currency controls. The…
Law Practices at risk of losing client money, and their reputation
The recent sentencing of Victorian paralegal Athena Razos to over five years in prison for embezzling $1.56 million from a prominent Australian law firm has sounded alarm bells across Victoria’s legal community. This incident underscores the critical vulnerabilities within law practices regarding the hiring and oversight of non-legal staff. The Victorian Legal Services Board and…
Legal Services Regulatory Authority of Ireland publishes legal partnerships draft regulations
The Legal Services Regulatory Authority (LSRA) of Ireland is on the brink of introducing a new regulatory framework tailored for legal partnerships, marking a significant evolution in the structure for delivering legal services. This innovative framework is designed to support two types of partnerships: solicitor-barrister and barrister-only, with each configuration mandating the inclusion of at…
Anti Money Laundering Suspicious Activity Reports thematic review initial findings
The Law Society of Scotland’s Anti-Money Laundering (AML) team has published initial findings from its thematic review of Suspicious Activity Reports (SARs), indicating robust procedures in many firms but also highlighting areas needing improvement. The review, which examined 50 legal practices via a questionnaire, aimed to gauge the profession’s grasp of the SAR regime and…
The role of regulation in promoting diversity – or why the regulator should not stay out of the way
In a recent blog post, Mark Neale, Chief Executive of the Bar Standards Board of England and Wales, rebutted the suggestion from the Chair of the Bar Council that the regulator should “stay out of the way” concerning issues of equality and diversity within the legal profession. The Bar Standards Board very different stance on…
Anti-Money Laundering vulnerabilities analysis
The Law Council of Australia recently commissioned an independent analysis of the risks facing the Australian legal profession in relation to money laundering and terrorism financing. This analysis reveals that while there are positive attitudes and behaviours regarding integrity and risk awareness, certain vulnerabilities still persist. These vulnerabilities vary across jurisdictions and practice types, with…
11th Circuit concurrence makes ‘modest proposal’ for use of AI-powered large language models in legal interpretation
In a recent concurrence from the 11th Circuit’s decision in Snell v. United Specialty Ins. Co., Judge Kevin Newsom explored the potential for AI-powered large language models (LLMs) to aid in legal interpretation. While the case itself concerned an insurance dispute over whether a ground-level trampoline project counted as “landscaping” under the policy terms, Judge…
New artificial intelligence tech regulations do not need to reinvent the wheel
Brett McGrath, President of the Law Society of New South Wales (NSW), emphasized the importance of not “reinventing the wheel” in the regulation of artificial intelligence (AI) during his address to a NSW Upper House Inquiry into AI. McGrath advocated for the NSW government to consider both domestic and international efforts in AI regulation, suggesting…