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Italy is poised to impose stricter penalties for crimes involving Artificial Intelligence (AI) tools, particularly targeting offenses like money laundering and market manipulation. A newly unveiled draft law, published on Tuesday, aims to enhance punishments for market rigging conducted through AI tools. Additionally, the bill designates the use of AI for money laundering as an aggravating factor in such crimes.
The draft legislation, consisting of 25 articles, outlines overarching principles concerning the "research, experimentation, development, adoption, and application" of AI in Italy. This initiative is driven by the need to manage the impact of AI on fundamental rights and mitigate associated economic and social risks.
The proposed law extends the scope of AI application into various sectors, including healthcare and the judiciary, with a particular focus on its effects on employment conditions. Furthermore, it lays the groundwork for the formulation of a national AI strategy.
In addition to addressing market manipulation and money laundering, the draft bill addresses copyright violations facilitated by AI. It suggests fines for such infringements and proposes a jail term of up to three years for individuals utilizing AI to impersonate others, potentially targeting the proliferation of harmful deepfake content.
Prime Minister Giorgia Meloni has emphasized the significance of AI during Italy's current presidency of the Group of Seven (G7) major democracies. Meloni has underscored that AI will be a key focus during the 2024 presidency, which will culminate in a leaders’ summit in mid-June.
The regulation of AI has also garnered attention within the European Union (EU). The EU is nearing the adoption of pioneering regulations governing AI tools, mandating compliance with stringent transparency obligations and EU copyright laws.
In March, Prime Minister Meloni announced plans to establish an investment fund aimed at promoting AI projects, with an initial endowment of 1 billion euros ($1.1 billion), potentially augmented by an additional 2 billion euros from private sector contributions.
Government sources anticipate that Italy's cabinet will provisionally approve the bill by the end of April. Subsequently, the proposal will undergo further scrutiny and potential revisions in parliament before securing final approval and implementation.
The impending legislation reflects Italy's proactive stance in addressing the opportunities and challenges posed by AI, aligning with broader international and EU efforts to regulate and harness the potential of AI technology.
By fLEXI tEAM
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