In its annual report, published on 28 October, the Victorian Legal Services Board and Commissioner (VLSB+C) set out the results of its work on legal practice within the legal profession. has placed a strong focus on enhancing the experiences of both lawyers and consumers, marking a significant step forward in improving the quality and accessibility…
Legislation to strengthen Australia’s anti-money laundering and counter-terrorism financing regime has passed parliament
Australia has strengthened its anti-money laundering and counter-terrorism financing (AML/CTF) regime with the passage of the AML/CTF Amendment Bill 2024 through Parliament. This legislation is intended to modernise Australia’s fight against financial crimes. Key features of the legislation Expansion of AML/CTF coverage: High-risk services provided by, amongst others, lawyers, accountants, trust and company service providers…
Victorian Legal Services Board and Commissioner statement on the use of AI in Australian legal practice
The Victorian Legal Services Board and Commissioner (VLSBC), alongside other legal bodies in Australia, has issued a new statement on 6 December 2024 on the use of artificial intelligence (AI) in legal practice, outlining critical guidelines to ensure the ethical and professional application of AI tools. This statement highlights the evolving role of AI in…
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…
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…
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…
Maintaining a strong focus on enforcing the law
In her opening address at the General Counsel Summit on August 7, 2023, Australian Securities and Investments Commission (ASIC) Deputy Chair Sarah Court outlined for lawyers working in the companies it regulates, how it intended to approach enforcement over the coming year. Ms Court highlighted greenwashing, where misleading environmental claims by companies can significantly impact…
Chief Justice Andrew Bell flags generative AI as major challenge for justice system
In a landmark address marking the bicentenary of the Supreme Court of NSW, Chief Justice Andrew Bell highlighted generative AI as a pivotal challenge facing the justice system. Speaking to an assembly of senior judges from Australia, New Zealand, and Singapore, Bell emphasised the evolving complexities that AI introduces to the work of the courts….
Victorian Legal Services Board 2024 Risk Outlook
The Victorian Legal Services Board’s (VLSB) “2024 Risk Outlook” outlines the major risks facing Victoria’s legal sector in 2024. Cybersecurity remains a critical concern, as the Board has noted the growth of cyber attacks over the past year. Law practices are urged to implement robust security measures like multi-factor authentication and regular software updates whilst…
The Law Society of New South Wales to establish a taskforce to help solicitors navigate AI
The Law Society of New South Wales, under new President Brett McGrath, will establish a taskforce of legal and tech experts to aid 40,000 solicitors in navigating AI opportunities and challenges while guiding government regulations. This initiative, announced during the 2024 Law Term opening, underscores the society’s commitment to supporting the profession amid technological advancements…