UK Government Faces Calls for Enhanced Artificial Intelligence Oversight and Crypto Regulations
Summary:
The UK government has been urged to intensify its oversight approach in response to a parliamentary report on artificial intelligence (AI). The call for action follows the government's intensified bias towards high-risk AI safety against international competition. In response, the Secretary of State for Science, Innovation and Technology aligned with parliamentary recommendations. However, Baroness Tina Stowell urged the government to expand beyond its current stance on AI copyright infringement and market competition. Recent indications point towards an emerging acceptance of AI regulatory reforms by the UK government. Meanwhile, UK authorities have been granted power to seize, freeze, and destroy cryptocurrencies associated with criminal proceedings.
The UK government has been called upon to intensify oversight in response to a parliamentary report on artificial intelligence (AI), specifically generative AI and large language models. This follows a House of Lords report issued in February showcasing the government's intensified focus on high-risk AI safety, in an attempt to thwart international competition. The UK Secretary of State for Science, Innovation and Technology, Michelle Donelan, asserted that the government's alignment with AI supervision mirrors the majority of parliamentary suggestions.
Contrarily, Baroness Tina Stowell of Beeston shot back on May 2, urging an expansion of the government's current stance on handling AI copyright infringement and market competition. As Chair of the Communications and Digital Committee at the House of Lords, she emphasised the urgency of modernised copyright laws, expressing dissatisfaction with the continuous disassembling of roundtable discussions led by Intellectual Property Office regarding the matter.
Stowell expressed concern over the lack of comprehensive governance protocols regarding AI standards and policy decisions, suggesting more active efforts towards market competition oversight. She insisted that market competition should be an outright policy goal, embeded in the design and review procedures for new policies and standards, subject to systematic critique both internally and externally.
Recently, the UK government showed an emerging acceptance to introduce regulatory reforms for AI, the likes of which match signals from Parliament. A connected discussion, Crypto establishments have been listed among the highest risks for money laundering in 2022- 2023 in the UK. The UK National Crime Agency together with police forces were recently given authority to seize, freeze, and demolish cryptocurrencies tied to criminal proceedings without making formal arrests.
The Home Secretary, James Cleverly, declared that criminals should not benefit from illicit activities, associating fundraisers by groups to criminal activities as the reasoning behind introducing new police powers.
These reforms are seen as ways to bolster national security as terrorist groups like Daesh often use crypto transactions to fund their activities. The police's enhanced abilities will aid the agencies to effectively confiscate their assets. Following a crime bill passed in the UK parliament in 2023, these new regulations have been introduced, allowing for swift confiscation of cryptocurrencies.
Published At
5/3/2024 11:49:29 AM
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