The Hype is Real.
Artificial Intelligence (“AI”) is no longer a futuristic concept to be found in the realm of science fiction. It is now a tangible technology that is rapidly infiltrating our operations and processes, radically changing the way we work and ultimately live. We are witnessing an ever-increasing integration of AI applications in different sectors and industries, from healthcare to banking. And this is just the beginning. While most of us had our first interaction with such technology through generative AI, primarily Chat GPT, AI is already present in the technology that we already use on a daily basis, be it in the form of chatbots or facial verification. In the coming months and years, one can expect new sectors to embrace such technology by integrating AI applications within their systems and operations with the intention of achieving maximum efficiency and productivity.
Applications of AI
On this pertinent topic, the Andersen European Technology Industry Group, led by Francesco Marconi, has recently issued an AI-focused document which details the rapid growth of AI and its impact on our daily lives. Healthcare, banking, and manufacturing are just a few of the industries that are at the forefront of AI integration.
Malta: AI Applications in the Public Sector
From a local Maltese perspective, apart from anticipated widespread integration in the private sector, AI is also expected to be used by the public sector, specifically for tax investigations. To this end, the Maltese tax authorities have embarked on a € 3 million project to introduce an AI software that will automatically alert the authorities when a person or business’s declared income does not tally with the respective accumulated wealth. Specifically, this Statistical Analysis System (“SAS”) will use artificial intelligence to draw data from different registries and bank accounts to assess the individual's cash deposits and illiquid assets, like property, land, vehicles and boats in a bid to help the tax department keep tabs on income and tax dues far more quickly and efficiently. Similar AI-powered software is already in use in other countries, including the United Kingdom, New Zealand, Ireland and Canada.
Next Step: AI regulation
With the widespread integration of AI technology on the horizon, it is essential that rules and regulations are proactively set into place to regulate this emergent phenomenon. The European Union is at the forefront of such legislative initiatives with the draft AI Act, with EU lawmakers now starting negotiations to finalise the new legislation.
How We Can Help
AI is rapidly transforming the way we work and live, raising in the process complex legal and ethical questions around user protection and liability. As AI continues to evolve, it is essential that legal frameworks keep pace with these changes to ensure that AI systems are safe to use while at the same time prohibiting AI technology that presents unacceptable risks for users. Our technology lawyers can assist you with understanding the proposed AI regulatory landscape. Contact us for more information on how we can assist you.
The Hype is Real.
Artificial Intelligence (“AI”) is no longer a futuristic concept to be found in the realm of science fiction. It is now a tangible technology that is rapidly infiltrating our operations and processes, radically changing the way we work and ultimately live. We are witnessing an ever-increasing integration of AI applications in different sectors and industries, from healthcare to banking. And this is just the beginning. While most of us had our first interaction with such technology through generative AI, primarily Chat GPT, AI is already present in the technology that we already use on a daily basis, be it in the form of chatbots or facial verification. In the coming months and years, one can expect new sectors to embrace such technology by integrating AI applications within their systems and operations with the intention of achieving maximum efficiency and productivity.
Applications of AI
On this pertinent topic, the Andersen European Technology Industry Group, led by Francesco Marconi, has recently issued an AI-focused document which details the rapid growth of AI and its impact on our daily lives. Healthcare, banking, and manufacturing are just a few of the industries that are at the forefront of AI integration.
Malta: AI Applications in the Public Sector
From a local Maltese perspective, apart from anticipated widespread integration in the private sector, AI is also expected to be used by the public sector, specifically for tax investigations. To this end, the Maltese tax authorities have embarked on a € 3 million project to introduce an AI software that will automatically alert the authorities when a person or business’s declared income does not tally with the respective accumulated wealth. Specifically, this Statistical Analysis System (“SAS”) will use artificial intelligence to draw data from different registries and bank accounts to assess the individual's cash deposits and illiquid assets, like property, land, vehicles and boats in a bid to help the tax department keep tabs on income and tax dues far more quickly and efficiently. Similar AI-powered software is already in use in other countries, including the United Kingdom, New Zealand, Ireland and Canada.
Next Step: AI regulation
With the widespread integration of AI technology on the horizon, it is essential that rules and regulations are proactively set into place to regulate this emergent phenomenon. The European Union is at the forefront of such legislative initiatives with the draft AI Act, with EU lawmakers now starting negotiations to finalise the new legislation.
How We Can Help
AI is rapidly transforming the way we work and live, raising in the process complex legal and ethical questions around user protection and liability. As AI continues to evolve, it is essential that legal frameworks keep pace with these changes to ensure that AI systems are safe to use while at the same time prohibiting AI technology that presents unacceptable risks for users. Our technology lawyers can assist you with understanding the proposed AI regulatory landscape. Contact us for more information on how we can assist you.