Lord Chancellor Shabana Mahmood has signed the first international treaty that legally regulates the safe use of Artificial Intelligence (AI).
The treaty requires countries to monitor AI development and manage the technology within strict guidelines. It includes measures to protect the public, their data, human rights, democracy and the rule of law. Additionally, it obliges countries to take action against any misuse of AI that threatens public services or poses a risk to society.
Signed by the Council of Europe, this treaty is the first legally-binding international agreement on AI, aiming to create a unified global approach to managing the risks of the technology in line with shared values. Countries outside the Council of Europe, like the US and Australia, are also being invited to join as signatories.
AI has rapidly gained global attention. While still in its early development, the technology has already enhanced many people’s daily lives. There has been a notable rise in AI use within the payments sector, with more banks adopting it to boost efficiency and improve services like customer support.
Take BBVA for example, last month the bank recruited 230 new staff to join its current 200 employees working in its AI divisions. These staff are set to work on AI models, which aim to enhance the customer journey.
However, like any new technology, AI is being used for harm as much as it is for good. Deep fakes are blurring the line between real and fake, creating new challenges in the fight against fraud. This has become a significant concern for banks and payment companies as they work to safeguard their customers.
Lord Chancellor Mahmood commented: “AI has the capacity to radically improve the responsiveness and effectiveness of public services, and turbocharge economic growth. However, we must not let AI shape us – we must shape AI.
“This convention is a major step to ensuring that these new technologies can be harnessed without eroding our oldest values, like human rights and the rule of law.”
The new agreement establishes three main safeguards. It protects human rights by ensuring that people’s data is used appropriately, their privacy is respected and AI does not discriminate against them.
Secondly, It also safeguards democracy by requiring countries to take steps to prevent public institutions and processes from being undermined. Finally, it protects the rule of law by making signatory countries responsible for regulating AI-specific risks, protecting citizens from potential harm and ensuring AI is used safely.
The UK government has stated that once the treaty is ratified and comes into effect in the UK, it will strengthen existing laws and measures. To achieve this, the government will collaborate closely with regulators, devolved administrations, and local authorities to properly implement the treaty’s new requirements.
Peter Kyle, Secretary of State for Science, Innovation and Technology, said: “AI holds the potential to be the driving force behind new economic growth, a productivity revolution and true transformation in our public services, but that ambition can only be achieved if people have faith and trust in the innovations which will bring about that change.
“The Convention we’ve signed today alongside global partners will be key to that effort. Once in force, it will further enhance protections for human rights, rule of law and democracy, – strengthening our own domestic approach to the technology while furthering the global cause of safe, secure, and responsible AI.”
The UK has been at the forefront of AI regulation since the technology’s early days. It has hosted the AI Safety Summit, co-hosted the AI Seoul Summit and established the world’s first AI Safety Institute.
However, there are people in and around the government who feel that the UK is still moving “too slowly” when it comes to regulation around technology.
For example, Lord Chris Holmes advocated for AI regulation by supporting the passage of the Artificial Intelligence (Regulation) Bill, which he spoke about at this year’s Fintech Week London conference.
At the event, he emphasised that this legislation was crucial for fostering the next growth stage in the UK. However, the bill did not advance beyond the end of the last parliamentary session.
In response to the news about the international treaty, Lord Holmes shared a post on LinkedIn, stating: “Great to see progress and international consensus around these important principles and a nudge towards regulation but I still believe we are moving too slowly. I urge the government to move much faster and introduce legislation for all #OurAIFutures.”
