With the power to completely revolutionise how we interact with technology, artificial intelligence is creeping into every aspect of our society, including criminal law. These developments have prompted a multitude of questions, both theoretical and applied, from academia and industry alike.
Led by Silvia Allegrezza, Associate Professor in Criminal Law at the University of Luxembourg, the AI-LegaLake project brings together a team of experts to focus specifically on the impact of the rise of Artificial Intelligence (AI) in the field of financial forensics. Academics, public and private sector actors gathered in Luxembourg on 29 November 2024 to discuss the legal and ethical challenges of the use of AI in financial crime detection, supervision, and prevention, both from the point of view of private investigations and public enforcement. After an introductory presentation, the first panel discussion focused on ethical implications, regulatory challenges, and technological risks, followed by a second panel examining the tracing of financial crime with AI-based tools.
“The intention behind our seminar was to broaden the scope of scientific and practical insights and achieve a multidisciplinary approach to issues lying at the intersection of AI and financial forensics,” said Prof. Allezgrezza. “We were, thus, very pleased to see experts of different scientific backgrounds and fields of practice gather on this occasion to guide us in mapping and identifying the core problematics underlying the integration of AI technology in financial forensics.”
Laying the groundwork for further research, the seminar highlighted the need to recognise the context, scope, limitations, but also opportunities of the use of AI, while underlining the importance of cross-disciplinary collaboration. The discussion also touched upon how the rapid technological changes brought on by AI have created an increasing need to reevaluate and adapt legal and regulatory frameworks.
“This seminar marks the first official public event of the AI LegaLake project,” commented Eirini Botza, Research and Development Specialist at the University of Luxembourg. “It builds on an informal roundtable discussion held this past July with our partners from the Forensic Investigations, Corporate Intelligence & Litigation Support department of Arendt Regulatory and Consulting, where we had the rare opportunity to exchange with prominent private stakeholders in the area of forensic investigations and gain a preliminary understanding of the modus operandi of forensic investigators. We remain committed to upholding and deepening this close relationship.”
About the Project
The project AI-LegaLake: How Artificial Intelligence is Reshaping Financial Law, Intellectual Property, Consumer Protection, and Financial Investigation operates within the NCER FutureFintech, supported by the National Research Fund of Luxembourg (FNR). It includes a cross-functional project team including experts in financial forensics, IP and consumer protection, and financial law. The project is running from 1 August 2023 to 31 December 2025.
